How to Use Rental Losses to OFFSET W2 Taxes! [Part 1]

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Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc

[@bashar9200]

Thank you Karlton!! I am truly fan of your work. keep it going!

[@HisStolenIdentity]

I ❤ the way you teach! Specifically, you break the tax laws down for easy assimilation. You also provide overviews and takeaways of the video. Thanks Karlton!

[@nathanaelmccasland2349]

Hey bud, your videos are money!!!!!🎉🎉 Thank you for all the value. Tell your team to keep up the good work for me. You guys are killing this space. Can't wait for the end of the month challenge. Stay blessed.

[@GautamAtri]

Someone finally made this video. Fantastic work

[@leebeavers6912]

Thank you so much! First real estate video I have seen that, not only explains the terms being thrown around but, the actual strategies and the rationale for them.

[@64DCPG]

Game changing knowledge for me! Now I have to watch all the other videos.

[@trentalexander2413]

Stellar presentation along with FACTS makes this a keeper!

[@jerowm5568]

Absolutely amazing video! 🙌🏽 very thorough explanation of the different avenues to utilize this strategy. Fantastic job 👍🏽

[@jas2dn229]

Thank you Karlton! I was beginning to look into selling one of my properties where I currently have long-term rentals. However, I am now reevaluating.

[@chendricks850]

Hey, this is an awesome video!!! I really appreciate your style of teaching. I’m going digging in your channel after I finish this series…

[@dantawright1686]

Great wealth of knowledge. Your explanation skills of this knowledge are on point. Bought an old home in MD for $235k, received 4 lots on one deed with their own tax base. I rebuilt the original home with $200k construction loan and $130k in credit cards. I lived on lot #2 until the rebuild was done and renovated lot #2 as well. Now, I rent lot #2 but it came as one of the gifted lots. I build a work space on the back side of the rebuild to work from. The other two lots are .5 per acre land. I am a self-employed person working from a dedicated space of my home. I did not know I could depreciate my work space (34.23 %) of home. 2021, rented a section of rebuild home (10%) to a friend after closing down my business for six months. trying to understand cost basis to apply depreciation to my home, business and how to file 3115 form for lot #2, I dropped depreciation 1.5 years I had no tenant??

[@MounjarojourneywithPam]

thank you for this video. I’ve just been studying about this and hoping to have enough courage to start this type of invesment

[@jeffreysimeon4161]

This is literally the video that made me follow you… 💪🏽 really appreciate all this information. I look forward to implementing all the strategic tools to my real estate venture. Thanks

[@kasiwilliams5927]

Amazing content very detailed in explaining the loopholes for rentals.

[@videosabia]

Hi, you’re so right; setting up the rental investment right - from a tax angle - at the beginning is key. Just subed!

[@user-oj1jz6gg6j]

I've seen a lot of different videos addressing these topics but yours is truly the best! Thank you sir you have a gift :)

[@LW0625]

Wow! I just came across your video, and I can say I learned so much about tax terminology and information. Thank you very much!

[@MichelleBarhamblog]

Thanks for the update Karlton🎉🎉

[@JamesGametGT]

Content is amazing love your channels!

[@Raf.Velasco]

Always spitting gems 💎🔥🤙🏼

[@d.e.brenner2930]

Thank you Karlton!

[@MikeHawk-zh3yl]

Bro great information, opened my eyes in soo many ways on why we need real estate

[@tiffanyagee3274]

This was very informative video. Going to check out part 2

[@douglasbasso7093]

Phenomenal stuff. Excited for part 2.

[@kavemanbites]

great channel man. you have a new viewer. thanks for sharing your knowledge.

[@sharitaharvey4962]

I love this video

[@ryanoquinn1068]

One of the best explanations of this subject I’ve ever heard. Thanks!

[@wilgensdorisme3414]

Super knowledgeable on the info. Thank You for sharing

[@justfloridaliving]

One of your best, most informative and helpful videos keep them coming

[@ElliottJMiller]

One of the best moves I ever made in my life. Filed taxes this year and was amazed. I’m hooked. Thank you KD. I looked at an in-depth older video of yours end of last year or beginning of this year about this same topic. And an older video on the tax savings on the different business structures. The laws of the universe and attraction are making my goals inevitable.

[@hipzwhitetower7413]

does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??

[@eball1388]

Your a wonderful teacher. Im all in

[@reynaldoguillen499]

Awesome explanation!!

[@WillJohnsonSD_Inspector]

Awesome. Jammed-packed information. I actually stop all my multitasking to focus. Saved to research. Subscribed and liked

[@addowner]

Also, thank you so much for all this information. Learning a lot from you.

[@doptimist133]

This is extremely valuable information

[@yourstrulybostonyourstruly3185]

Just dropping comments for the algo King, I definitely need to cop one of your programs though. I’ve been a stock guy for the longest, but I’m ready to throw my hat in the real estate ring 💪🏾

[@2L8CO]

You are Awesome my friend. Period. Peace.

[@ellenoir5678]

The real KD!! What's good Coach

[@markvaughn3315]

Great information Karlton. Thank you for sharing this with us al.

[@ShovanaWilliams]

This video was AMAZING!

[@raidersmojicacteam]

Thanks for this info

[@elizabethmiranda2313]

Wow such great information. Thank you so much!

[@imdoc7872]

These videos are gold. Thanks mate!

[@julhe8743]

Thank you, you got a new subscriber 🙏

[@lennymateo8291]

Great video Keep it up!!

[@user-xl1xf3th2u]

This is a phenomenal video. It all finally makes send to me. I was perceiving this the wrong way.

[@aleksandrshibko4211]

Impressive presentation. Thank you for education!

[@stuboo]

Thanks. Would love to see a video discussing how the sale of a property might allow carryover PALs to offset W2 income.

[@remygaz]

Great info, thank you

[@theculturedev]

Excellent work brother 👊 I’ve led multiple people through this same logic path. Blows their minds 🤯

[@julianadomfeh4072]

Such a golden information Thanks a lot Karlton

[@aftech7268]

Great info ❤

[@Birbb2]

Hi..been watching your videos awhile now....very good contents and thanks for all the tips :) I want to ask about rental lost, if I am active w2 and have a long term rental. Can I use rental lost(cost seg, de-appreciation...etc.) to offset tax on my W2? I think I remember the max is 25k but not sure.

[@j_riqi]

You explained this so well ....

[@johnpagley9435]

Well explained! More of these tips please :)

[@beerdanay2157]

hi Karlton, I'm 20 years old. I interested in studying about taxes. I found your channel and it's very helpful (Thanks a lot}

[@julianencinas1763]

Great videos very informative i love them videos thank you🎉🎉

[@Valente_Quintero]

Great video

[@pkrvp]

Never seen it explained any better than this 👍👍👍

[@LyRiCss718]

Thank you. This was extremely informative.

[@Marco-wz5vo]

God bless you man! Your a gift 🎁, seriously thank you

[@daakulov]

You have a new subscriber, sir.

[@EEEE33333]

did you ever make the video on creating a management company for dealing with our personal rentals? Any recommendations on finding a cpa that does Cost Segregation study?

[@PropGear]

Thank you for this!

[@DrJeffreyGarofalo]

It is 20-30% of the building value on homes and apartments but 100% on shopping centers or business commercial buildings.

[@roadtoscratchgolf3481]

Karlton, as I understand you, since I am an early retiree who owns rental property, I can claim active rental losses on other income such as pension, social security and the sale of other real estate? Plus, I use my spouse, who is a lawyer to manage the property as well as pay her a monthly legal retainer. Am I going in the right direction? Thanks.

[@ifeanyichukwuonukogu6125]

Amazing videos and I have always been a big fan. Wondering if you can do a video on using non profits for write offs and does it provide W2 benefits?

[@granttwyman9166]

Great video, great content, thank you!

[@edmundchiang8271]

This is an amazing video!! This is coming from a seasoned investor

[@kimwieczorek1879]

We do Airbnb(rent out 1 of our bedrooms. Been doing it for 2.5 yrs. and luv it). But what are all the tax write offs we can use when we do our taxes in Feb.?? Tytyty❤

[@brittneyreigns]

I Love ❤ you for this! Thank you! You have a new subscriber in me.

[@girilankipalle]

Great job done bro.

[@karonhebron1304]

Great information need to see part 2

[@yangli5411]

Thanks for the great video! It sounds like to meet the 100 hours material participation, the short term rental business has to be local. Then how shopping outside states work to meet that criteria? Thank you!

[@Pun1sh3rz]

Link to a video that connects the property management company while remaining within the guidelines of achieving the short term rental property depreciation realization? To rephrase, achieving the 100 hours materially participating but also pairing the property management company aspect?

[@s_hazard]

Been studying the topic of using depreciation in real estate to offset taxes and I was thrown a curveball when I came across the term “real estate professional”. This video came right on time and as always, you do such a great job explaining. I do however, find it hard to believe that the “wealthy” are spending 750 hours a year in real estate or own majority of their real estate in short-term rentals… I could be wrong.

[@karltondennis]

Glad I could help. Look forward to sharping your understanding during the Tax Free Wealth Event !

[@wandapeguero7162]

​@@karltondennis​@karltondennisofficial I love love your content. Can I qualify as a real estate professional status if I'm real estate agent?

[@hipzwhitetower7413]

@@karltondennis does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??

[@cmargo10]

@@karltondennisI'm treasurer on a board of directors of a 400 plus townhome community. So I eat and breathe property management as fulfilling my duty as an almost full time volunteer. Would this qualify me as a real estate professional? Bcuz that would be very helpful in my tax life. Great video!!

[@kpmcdonald1]

Are you in Texas? Great video I’ll be watching more

[@thecyberspace4733]

Great knowledge than k you

[@thomasarmstrong3898]

Good knowledge!

[@denverlambuth7890]

Good info

[@natalienow41]

Thank you Karlton!! This video is Gold!!✨

[@ewr322]

you answered all my questions except one. can my mid-term rental be used to offset active income? my leases are usually 1-3 months. not short-term, but not long-term either. would love to know the answer. Thanks!!

[@rikgarza8090]

This video was incredible. You are inspiring me to do the same for my community here. Love to learn! 🙏🏼

[@annishenko]

Excellent video

[@bboyrygis]

When you go onto these websites like Zillow, ECT. I can not find the entire tax history report. I only see the property tax and tax assessment.

[@luisarevalo8394]

So if you buy land and develop it that requires time and resources do build plus it’s only land value so you can claim depreciation on new property? Does this new property then have to be a short term rental property to offset other rental income. And put all properties under one company a managing company? What makes that business a managing company besides managing the rents/landlord duties?

[@tbrown8859]

Man good stuff but a lot to take in ,I know it will pay off🙏🏾

[@peterchirico2153]

Karlton I wanted to ask if you do tax returns ? Thanks for all your good information.

[@karltondennis]

Yes. Link in description to book a call

[@joshuahawkins3228]

@karlton Are you able to utilize the same scenario as a pertains to rental property in the Turo business utilizing rental vehicles as a ways and means to depreciate. Would love for you to do a video on that I had a leverage Turo kinda like Airbnb. (Goal: Tax Liability)

[@kenyasullivan557]

freaking brilliant 👏 👌 🙌 bravo

[@kkmm2023]

Mahalo for this helpful presentation!

[@DON-lx1dz]

Hey! Great video. Question - does renting out a bedroom count towards this? 15:25

[@user-ep8mg1yo4c]

You're such a blessing

[@firthbowden2281]

This video was amazing and so helpful. Stopped me from forming a lending business thinking I would be able to deduct expenses from my W2 income.. my question is: if I form a business that specializes in hard money lending and I earn passive income, can that business deduct expenses such as a vehicle that is used greater than 50% of the time for the business? Like traveling to different properties to assess if they are good investments to lend money for. Thanks!

[@cchou0001]

I think I got 70% of this but it was excellent. Thank you ❤

[@dennisaceami3508]

Amen!

[@mplscarsales6652]

Do you need to have a LLC to claim depreciation and get the tax benifits ? For example beginner with 1 rental property LLC fees to have a LLC takes up most your profit with only 1 rental so just regular home owners blanket insurance until I get 3-5 rental to put into a LLC sound correct ?

[@floonky]

I wonder if this concept can also be used if you rent out your Second\Vacation homes partially for the year, Or is it only for Investment properties.

[@scorpion55x]

Hey Karlton - if you have a spouse that doesn’t work, can they claim real estate professional status and then file jointly and use their real estate professional status to use passive losses to offset active income?

[@demsr619]

Hello Karlton you. Ideos are very informative. What tax benefits do I have if I locked in a tenant for a 12 month lease? This is my first rental property I purchased.