How the Rich Avoid Taxes by Investing in Real Estate

[@amafid]

10:01 You are welcome

[@KKislitsyna]

Any suggestions on taxes when you are high earner ? We make way over 200k in our w-2 jobs. We invest in 401k, pension funds, 401 Texassaver to get our income down. Any more suggestions to get it down to 150k to use losses on long term rentals ?

[@MicAntoJo]

Similar question…. Is the $150k for married couples filing jointly? Or per individual?

[@jwcmnbox]

I always love when Ashley says the # of Episode....🥰

[@jessealfonzo6032]

Phenomenal!!!!!!! This content is 🔥 THANK YOU BP TEAM!!

[@amandahancpa]

happy to help!

[@lawrencebriggs]

Amanda Han is absolutely the best! ❤

[@amandahancpa]

Thanks Lawrence!

[@lawrencebriggs]

@@amandahancpa you’re welcome!

[@WooHooLaLa]

👀

[@deesplash7087]

All of Y’all are so goated 🙌🏽🐐

[@IWBVS]

If I build an Adu, do I get a new number to depreciate? Who comes up with the value i get to depreciate

[@amandahancpa]

Yup...your construction costs are your starting point =)

[@pvaulter85]

She rocks great guests!

[@accrualworld318]

Does tax credits include solar lights? I added solar lights to the outdoor area of my rental property 😊

[@amandahancpa]

Typically for solar tax credit those are referring to solar roof =)

[@nimitaw1167]

I’d like to know if some of the stuff she said we could get tax deductions on, like meeting up with other investors, is it only for RE professionals? Or someone who is renting their basement unit or a condo can use these for deductions?

[@amandahancpa]

Everyone can take tax deductions. RE professional simply means a possible different in terms of "when" you may see the tax benefit. This is a common area of confusion.

[@MicAntoJo]

In regards to writing off passive income… if my spouse and I both make $130k a year, can we file married filing single to take advantage of passive losses?

[@legacyopp9318]

I once heard a tax professional say a home office is a quick route to being audited.

[@ianbrathwaite9198]

Watch fresh n fits latest episode with their Accountant Steve. Unless that’s where you got that info from 💀

[@amandahancpa]

If you have a legitimate home office, I would definitely consider claiming it. In my experience, home office by itself is not a big audit flag. But do consult with your own advisor for sure.

[@MultiTrades]

I think the misconception comes from some or many people claiming home office and not having a home office. If you do have a legitimate office I don't see a problem even if you do get audit. I would say the key is, actually having or doing the things you are claiming.

[@amandahancpa]

@@MultiTrades 100%!! With all things in taxes...burden of proof is with the taxpayer so only claim home office and other expense when they are true expenses.

[@MultiTrades]

Great episode Amanda 👏 alot of educational and helpful information. Thank you Ashley and Tony for all the contributions to the Real estate investors' community 🙌.

[@karimkarachiwalla7073]

Really great episode. So informative!! Thank you Amanda.

[@amandahancpa]

Glad to help!

[@AronQuint]

By becoming a Realstate professional changes your income from passive to regular earn income? In other words, will this affect somebody that retired and is limited to a certain amount of earned income? Thanks in advance.

[@amandahancpa]

No...REP just allows you to use tax losses without some of the income limitations. It does not turn it into "earned income"

[@JoseTorres-xk2zk]

Loved this episode and started following Amanda! I’m going to start investing soon and also renting out my primary as I’m moving to another one so I want to soak up as much as I can before I get started and this was just a great start to the road I’m going to follow with all the tax books and other content as well. Thank you

[@amandahancpa]

So excited for you Jose!

[@pilowgems]

I need an accountant with her knowledge, contact info please