NEVER PAY TAXES AGAIN with these 2 real estate loopholes (w-2 income included)

[@tannerwoolley2551]

As a real estate CPA who specializes in these topics, this video makes me happy! Keep spreading the good word! You wouldn't believe how many CPAs are in the dark on these amazing real estate benefits. Also, as a side note, the term loop hole is a misnomer since loopholes always get "closed" by legislation, these are more just strategies, but that doesn't sound as cool ;-)

[@marcj3757]

What state are you in?

[@publicproclaimer9724]

Any good books or resources I can go to to get more understanding on this? I’m a w2 100k a year short term rental investor

[@frankronnie5531]

Would love to learn more about how to utilize your amex gold or why amex platinum is even better to construction costs/materials

[@LoganC278]

Yeah Rob if you see this it'd be very interesting

[@AusyJo]

Yes, please make the loophole video :-)

[@yamilnaf1197]

Hey Rob. Appreciate all the content. Would love to have a video on tax advantages of owning an Airbnb. Further, maybe a video on how to set structure the business legally for tax purposes as well! 🔥🔥🔥

[@brandonhanna2770]

Would love a full video on STR loophole!

[@thecryptodan]

Would love to see more detail in reducing W-2 income tax

[@LoganC278]

Please do a video on the w2, and real estate paper losses. I'm proud to be a chumbawamba

[@preppersurvivalskills6192]

Please go to 1:22 ? And recalculate

[@Degengeo]

You are the man, we appreciate this life changing content 💰

[@v.i.p.studios945]

YES please more videos that are simple and in your fun style about tax strategies!!!

[@peacepractice7779]

Yes please make the detailed video as well.

[@ksmith8152]

Yes, please do more on how depreciation will help me pay less in taxes.

[@chorgzent.3978]

cost segs cost 400 per hour minimum engagement 8k-10k when I was doing it... better off googling: "asset name" and "macrs" this will give results on how people classify them. but like Rob said lol not tax advice

[@PursuingTheBest]

Hi Rob! Love this! Would love to see in-depth overview of STR active loss offsetting W-2 income loophole. If you had your CPA on the video going over it would be awesome!!

[@chorgzent.3978]

there is a group of laws in section 469 that detail minimums needed to be considered active vs passive. there is a real estate exception that he referenced. if interested I could reply with a link to an article about ut

[@Abigail_Staples]

Agreed!!! And +1 to wanting to understand if this still applies with a property manager and for mid term rentals

[@lyfordmorris6590]

Great video! Make the full video on the STR tax loophole

[@crownsofseven0281]

Definitely need that str loophole video

[@rfreeman5012]

Yes please do the loophole video

[@ak_777-d5k]

Yes, please make a video on Short Term Rental Loophole!

[@alberthoward8164]

Yes plz. Need that STR setup video

[@alldopethings]

This level of goodness is amazing

[@rauldominiquesanchez977]

Please do a full video! Thank you for the info.

[@Morganstoewsand]

Can you touch more on how to use STR income to decrease tax liability on w2 income?

[@ibrahimrahim8714]

Full length video please

[@rightright6582]

My take: only soft ball questions, -what type of problems have u had? -if u were to stary again, what would u do?

[@collierdjc]

Does the STR loophole work on property not in Opp Zone?

[@tax-modern]

Yes

[@jimmyfelix9042]

Yes make the video rob 👌🏽👌🏽

[@Mdickmann24]

GREAT video, thanks Rob!

[@samuelcasas]

What if you don't have a W-2 job or because of your job your employer doesn't report taxes because by law they cannot take out taxes?

[@cathycastro7909]

I need a CPA in San Antonio, Texas that unders this.

[@Investlyy]

Amazing knowledgeable content. I'd love to see more stuff from you.

[@passivecashstacker]

Strategy needed

[@cmdv42]

Yes we all want that TX sweet sweet STR tax tea 🙌💯🤯

[@thebrianrice]

wow, that was actually really good

[@whatworksforme5749]

Do a full vid to explain this

[@mrpreservation1711]

Love the concept

[@misterright4775]

Rob...of COURSE we want the video, you Chubba Wubba!!

[@ctrockz1]

Your content is always 🔥

[@jsseattle]

but how would you retain the profit while holding as STR, which is only positive significant cash flowing in a non-attractive area Opportunity Zones? under Median HH Income less than $70k?? Many guests don't go those sketchy areas.

[@michaeld9999]

Thought the same thing when they mentioned downsides of opportunity zones... I guess it has to be an opportunity zone that attracts tourist that don't know the area lol.

[@Shazam450]

I recently purchased an opportunity zone commercial property in portage Michigan. It’s a nice area right next to Pfizer and Stryker medical equipment. The corporate facilities are literally across the street and the area is booming. I just happen to be on the “bad” side of the street. There’s definitely some gems if you’re willing to look. I found the opportunity zone tax reporting and purchasing criteria to be complex. I too would much appreciate a more in-depth discussion on this topic. Some things that need to be established: 1. Who can avail themself to the benefit (sole proprietor, llc, partnership, etc.) 2. What type of business is disallowed? 3. What ongoing annual tax reporting is required? 4. Can you recommend an accountant familiar with the filings and opportunity zone program (I spoke with 4 separate smaller accounting for s and got the deer in the headlight look, lol). The program is amazing, but there’s definitely a learning curve.

[@crownsofseven0281]

Hey Rob. I'm a houston/ Pasadena resident myself. Do you happen to have a preferred list of cpa/account/tax preparer. I'm on the hunt to upgrade my team.

[@cync5349]

Yes pls a break down pretty pls 😇

[@BrittanyEuwema-vh1ny]

Yes please do a more in-depth video

[@TheNoobkiller3000]

If you have an investment you want to sell, can you then 1031 the proceeds like “normal” into another asset of this category?

[@zanerobloxgamer1665]

Excellent job fellas! Would be curious to see, wondering how a heloc could be used in the scenario or alternative option

[@chorgzent.3978]

great idea especially of u got skills building yourself. remember with a HELOC there are limitations on the interest expense you can take. make sure that you use your heloc as purchase money mortgage

[@srabes8742]

Yes!!! Please talk about the STR loophole. We moved recently and are about to rehab our previous residence and need to decide if our goal is STR or LTR. My CPA is deep in tax season so maybe you can help steer me in a direction (you’re not a professional advisor of course)

[@BJNeyer]

I live in a small town in Kansas and have been trying to get it to create an opportunity zone, but can't seem to find how the city is supposed to proceed. In fact, we've been told you can no longer create them. Where can I find information on how a city can create these so I can get it to the city council. They are extremely interested in proceeding.

[@xchen7471]

Hi Rob, can you talk about what we can do to show to IRS we are actively manage the STR? Like a timesheet? and how much detail is enough? 😄

[@chorgzent.3978]

the IRS refers to it as contemporaneous documentation. mileage is good. timesheets. daily logs. in reality your messages folder does most of this for you

[@eddiemalvin]

Isn't there an income limit to applying losses from actively managed STRs against W2 income?

[@tax-modern]

That's unrelated to the "STR loophole" method which doesn't have limits. What you're referring to is a different way to offset your income with rental losses for up to $25,000 if your income is under $150,000 (but it phases out starting at $100,000 of income). That is a strategy you can use if your income isn't too high, and it doesn't need to be an STR.

[@Sayfeijai]

Question Rob. - for the short term rental loophole , will medium term rentals fall under short term rental as well ???

[@tax-modern]

No, the average stay must be 7 days or less to use that particular tax strategy. But there are some other ways that you may be able to offset your personal income with your rental losses, such as the $25,000 exception if your income is under $150,000/year.

[@fernandoboogiehernandez1826]

Thank you so much for this video!!! Yes, please make a more in-depth video. You are so appreciated!

[@danielpurifoy3000]

Make the video, Chubbawubba! I’m starting in STR this year.

[@rightright6582]

What cities have opportunity zones?

[@Rakin.Z]

Tax season is upon us Rob give us the tax strategies! I have a hefty w2 income and bought a str rental property last year I need to maximize this!!

[@JoshMolleurisawesome]

The real question is - Who is Malaki's CPA?

[@michaelrendon3137]

Yes full blown video on this tax strategy please!

[@lurleanhunt9335]

Loophole video please!

[@publicproclaimer9724]

Any good books or resources I can go to to get more understanding on this? I’m a w2 100k a year short term rental investor And this is my biggest gap in knowledge is tax strategy. I feel in my gut I need to understand this better.

[@nathanserna5162]

Yo need that short-term rental loophole vid

[@Robuilt]

Okay, okay. Maybe I’ll make it haaaaaappen.

[@danielkolomeets-darovsky2976]

Do it to it!😊

[@travelingcpachick]

I agree with a lot of these points as a CPA. However these strategies require a deep understanding of tax law and staying extremely organized. To pull off these strategies elegantly, I would anticipate about $5000+ in annual tax prep and consultation fees plus the costs of cost segregation studies. Just a heads up that it’s not something you can easily DIY your way through.

[@chorgzent.3978]

at the place I worked at they hired a few construction engineers who knew building mechanical stuff really well 250+ per hour lol

[@tax-modern]

There are companies like DIY Cost Seg and KBKG that let you go through an online process to do a cost seg study starting around several hundred dollars. And for the yearly tax prep, there are some tax pros that charge that much, but you definitely don't have to spend that much.

[@mikemauldin8810]

At 1:22 in the video, it’s funny how you even highlighted a MAJOR requirement of QOZs (deferring tax on capital gain money that you used to buy the property), but ignored it in the video. This only works if you sell an asset, recognize a gain, and invest that gain into a QOZ property. You can’t just borrow money, buy/improve a property in a QOZ, and get the tax-free treatment after 10 years.

[@prepaiddeals]

I would love to a deeper dive video on this! I am familiar with all the elements, but would love a case study on how they all fit together.

[@jeremydam2094]

10 years ?

[@camilaceballos4978]

It sounds great, but you have to have the money to build a new construction and that's where I get stuck in this video

[@DeerfieldDiscGolf]

Make the secret tax loophole video 🎉

[@aparadaeessa]

I wonder if he puts these properties under his personal name or business name? If he puts under his llc and write off his w2 income?

[@tax-modern]

A single member LLC is always disregarded for federal tax purposes. So it doesn't make any difference if the property is in an LLC or not.

[@robinbirdj743]

Tell me why someone making 100K AND getting rental income needs to pay $0 tax but when I had no place to live last year AND no job (my spouse boss died), and had to cash out my 401K to live, paid 20K in taxes. This country sucks for those in straits and helps those super flush.

[@chorgzent.3978]

not only that but we give money to foreign wars still lol

[@chrislopez9156]

Looking godo Rob!

[@luismuniznon-conformistath6623]

Make the video Rob! 😊

[@jacoblange2176]

1. Yes, make the video. 2. I believe there is a cap on how much you make at your W2 (maybe less than 100K) and a maximum "loss" against the W2 income (maybe 10K... not totally sure). 3. Rob, you should add a quick legal disclaimer to protect yourself... "the contents of this video is for entertainment and education and should not be taken as legal tax advice." 4. Keep up the great work.

[@tax-modern]

About #2, that's unrelated to the "STR loophole" method which doesn't have limits. What you're referring to is a different way to offset your income with rental losses for up to $25,000 if your income is under $150,000 (but it phases out starting at $100,000 of income). That is a strategy you can use if your income isn't too high, and it doesn't need to be an STR.

[@chadleslie5673]

Yes please! I needs a loophole video!

[@lukeschulz6043]

Yes please, more on the subject of the “short term loophole!” Also - how can this be applied to existing long term rentals. Say you already had some long term rentals, and then added one short term - does the loophole carry over to be able to include the losses from the long terms?

[@tax-modern]

The "STR loophole" applies on a per-property basis. So it can be used to make the losses from your short term rental deductible against your other income, but it wouldn't work for your long term properties. There is an election you can make to group multiple properties together, but then your average stay wouldn't be 7 days or less, so that wouldn't work either.

[@shelleyhuskey1216]

Yes please!

[@kravmaga7070]

does mexico have oppurtunity zones? im not allowed in usa at the moment

[@tax-modern]

No, US only.

[@KuumbaOnline]

Heck yes I want all the tax info you have! First gen glamp camp here 🙏

[@ConejoCafe]

This is amazing! I luckily already own my home in an opportunity zone and was planning on building a 2nd home on it! Thank you!

[@2011NickB]

Does house hacking and large amounts of renovation (self GC) in the home over the year count as hours for a real estate professional?

[@JoshGeorgeReel]

what about after year 1 of owning the house for the cost segregation?

[@chorgzent.3978]

cost seg only makes sense with lots of purchases and a cpa is pricey u could probably do a low budget cost seg on your own using google

[@zigzagluck]

Most opportunity zones are in neighborhoods that people don't want to visit (aka bad neighborhoods). How do you STR in a bad neighborhoods? Demand would be quite low for tourism or vacations. Unless you're targeting the much rarer opportunity zones in urban metro areas that just need prettying up?

[@jeffjoseph4746]

Texas Gulf Coast has many beach properties located in a OZ. Some areas that have been affected by natural disasters are in OZ.

[@justseefitness]

Agreed let’s get the full scoop

[@thenotsosimplelife7]

Another deep dive video would be so helpful.

[@chum_lord]

I tried to use my str paper losses to offset my W2 income and was told I could not because my W2 income was too high. Was what I was told true or false?

[@michaeld9999]

False. The amount you make from your W2 is irrelevant. Watch Karlton Dennis, he goes in depth about this. And consult a CPA who specializes in STRs.

[@openfooted]

More videos like this pls!

[@AgilityVision]

BS about opportunity zone and W2 income. Quote from IRS:Ordinary income consists of wages and interests, including your salary and interests you get on savings. Ordinary income cannot be invested in a QOF.

[@chorgzent.3978]

u must be a hoot at parties lol. what do u mean oi can't be invested in qof?

[@f1explained542]

YES. Video on STR / W2 loophole please!

[@vnvn4242]

OZ has ended

[@SuzCGee]

I love this! How do we identify opportunity zone investments? Thanks

[@draytondunwody6012]

Great video! Very informative. Love the strategy!

[@ibceej]

Gimme dat tax loophole strat you chumbawumba!

[@stickolascage2936]

This guys awesome great guest

[@erinhaytasingh940]

We would love to learn about this loophole!

[@crossfitsweatshop9146]

Question for you Rob. If you reduce your taxable footprint by so much, how do you get approved for any financing to buy additional real estate when your tax returns show such a low taxable income? Thanks for the great content!

[@chorgzent.3978]

I had the same problem my wife and I tried to apply for credit and even though cash is solid they consider the strs as losses!

[@LiniousRHoliday]

Made a class for this. This information is amazing 🤯

[@ibceej]

I also want to see a video about how to find a good new build construction builder

[@Grabbyification]

How would this work if I buy land in an opportunity zone?

[@John-hk4fr]

make it, I want it

[@AngelicaStarMusic]

Isn’t the Purchas in the opportunity zone limited to purchases made with capital gains money?? In other words, can you take advantage of opportunity zone tax incentives if you just purchase the propery with regular income/savings … ?

[@vinjeremy]

Make the video

[@accrualworld318]

I’m loving these episodes!! Get ready HGTV!!! 🎉

[@TheBrokerLife]

Malaki 🙌 wow!

[@Robuilt]

He’s the man.

[@stevenwetherill7981]

Tell me more, tell me more how much dough did he spend?! Hopefully not a lot after learning more about cost seg savings!

[@accrualworld318]

FYI you have to materially participate MORE than the contractors on a new build which can be difficult to accomplish so you will have to be strategic (i.e not build at the beginning of the year)

[@tax-modern]

There are 7 different ways to meet the material participation requirement. One is by spending at least 100 hours and for that you have to spend more time on it than anyone else. But another option is to spend at least 500 hours on it, and that doesn't require that your time is more than anyone else. (I'm a real estate tax pro.)

[@meanderingmama2926]

This chumbawumba wants the full scoop!