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

[@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!

[@bashar9200]

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

[@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

[@64DCPG]

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

[@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.

[@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.

[@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

[@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…

[@MichelleBarhamblog]

Thanks for the update Karlton🎉🎉

[@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.

[@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 :)

[@d.e.brenner2930]

Thank you Karlton!

[@JamesGametGT]

Content is amazing love your channels!

[@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!

[@videosabia]

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

[@Raf.Velasco]

Always spitting gems 💎🔥🤙🏼

[@sharitaharvey4962]

I love this video

[@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??

[@reynaldoguillen499]

Awesome explanation!!

[@MikeHawk-zh3yl]

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

[@eball1388]

Your a wonderful teacher. Im all in

[@tiffanyagee3274]

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

[@doptimist133]

This is extremely valuable information

[@raidersmojicacteam]

Thanks for this info

[@wilgensdorisme3414]

Super knowledgeable on the info. Thank You for sharing

[@2L8CO]

You are Awesome my friend. Period. Peace.

[@justfloridaliving]

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

[@douglasbasso7093]

Phenomenal stuff. Excited for part 2.

[@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??

[@ryanoquinn1068]

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

[@lennymateo8291]

Great video Keep it up!!

[@ShovanaWilliams]

This video was AMAZING!

[@ellenoir5678]

The real KD!! What's good Coach

[@julhe8743]

Thank you, you got a new subscriber 🙏

[@remygaz]

Great info, thank you

[@kavemanbites]

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

[@elizabethmiranda2313]

Wow such great information. Thank you so much!

[@aftech7268]

Great info ❤

[@addowner]

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

[@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 💪🏾

[@Valente_Quintero]

Great video

[@imdoc7872]

These videos are gold. Thanks mate!

[@markvaughn3315]

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

[@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.

[@j_riqi]

You explained this so well ....

[@stuboo]

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

[@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}

[@julianadomfeh4072]

Such a golden information Thanks a lot Karlton

[@user-xl1xf3th2u]

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

[@daakulov]

You have a new subscriber, sir.

[@PropGear]

Thank you for this!

[@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.

[@johnpagley9435]

Well explained! More of these tips please :)

[@denverlambuth7890]

Good info

[@julianencinas1763]

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

[@girilankipalle]

Great job done bro.

[@aleksandrshibko4211]

Impressive presentation. Thank you for education!

[@pkrvp]

Never seen it explained any better than this 👍👍👍

[@WillJohnsonSD_Inspector]

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

[@granttwyman9166]

Great video, great content, thank you!

[@thomasarmstrong3898]

Good knowledge!

[@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!!

[@karonhebron1304]

Great information need to see part 2

[@annishenko]

Excellent video

[@thecyberspace4733]

Great knowledge than k you

[@DrJeffreyGarofalo]

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

[@LyRiCss718]

Thank you. This was extremely informative.

[@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❤

[@theculturedev]

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

[@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

[@Marco-wz5vo]

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

[@cisr1121]

Thank Karlton

[@edmundchiang8271]

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

[@user-nw5ey6uk5h]

good job

[@jeffkojac4121]

Thanks!

[@user-ep8mg1yo4c]

You're such a blessing

[@kenyasullivan557]

freaking brilliant 👏 👌 🙌 bravo

[@kkmm2023]

Mahalo for this helpful presentation!

[@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?

[@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?

[@natalienow41]

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

[@brittneyreigns]

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

[@cchou0001]

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

[@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!

[@SuperGreatSphinx]

Could you do a video on how to actually fill out a Massachusetts state income tax return?

[@karltondennis]

My Tax software does all of the work for me. This isn’t worth your time in my opinion. Tax filing should be outsourced

[@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!

[@kpmcdonald1]

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

[@kristonmyers4365]

Thank you for this video very helpful!! QUESTION! My tax professional is stating if I put my current rental property (which was my primary residence and I moved out of it to make it a rental) into an LLC and do a schedule C with him when filing I will be able to write off all of my depreciation and losses etc and deduct that from my W2? Is this correct or is he misinformed? He said the reason I cannot deduct it from my W2 currently is because it’s not in a LLC… just want others thoughts.

[@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?

[@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🙏🏾

[@kelsyec5419]

i tried this and now i am dealing with an IRS audit ... great work

[@karltondennis]

call my office on monday. we would love to defend you against the IRS on this matter. 714-252-5822.

[@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.

[@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)

[@rikgarza8090]

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

[@dennisaceami3508]

Amen!