The Real Estate Tax Secret The Rich Keep From You

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00:00 - Introduction and Overview: Understanding Short-Term Rental Tax Benefits
03:24 - Tax Benefits for Real Estate Professionals: Insights and Strategies
06:09 - The Short-Term Rental Loophole: A Deep Dive into Tax Write-Offs
09:52 - Criteria for Tax Write-Offs: Understanding the Essentials
14:00 - Cost Segregation Analysis: Maximizing Your Depreciation Expenses
17:54 - Airbnb Investments: Personal Experiences and Recommendations
22:20 - Strategic Planning and Risk Management in Property Investment
24:33 - Book Recommendation: "Optimize Your BNB" by Daniel Rusting for Airbnb Success
28:19 - Conclusion: Summing up the Key Takeaways on Short-Term Rental Tax Benefits
#Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

[@Riggsnic_co]

I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

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the math adds up

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I worked my ass off with 2 full time jobs and extras on the weekend. Saved up 25k and handed that over to my financial Adviser to put down and for investing. So I continued working my ass off and in less than three months I was able to lay my hands on my first property.

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[@jamesathome5167]

I used KKOS form to help me set up LLCs and living trust. After 10 months I went to county to check my rental properties still under my personal name . It has not been transferred to the LLCs . They don’t make things clear about all the documents and details. I emailed them back ask what’s going on . I feel like they did not have a good communication with us . A little bit disappointed with their service .

[@PatriciaGabrielaTorres]

If you wanna be successful, you must take responsibility for your emotions, not place the blame on others. In addition to making you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life...

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Mark is the best seasoned and consistent

[@arthurnn]

Solid video and strategy. Liked and subscribed

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[@duneme]

I have 4-Rental Houses and as time goes on they are turning into very long term (yes, I’m responsibly raising my Rents!) We are diversified as well! We may need to talk! Always looking for more right off!

[@tigerrx7]

A lot of cities are starting to clamp down on short-term rental in the last month.

[@sasharadjenovic4230]

Ya-Hoo!! Long overdue. These nightmare rentals need to go!!

[@chad6211]

Mark, in a prior video you had mentioned that a disadvantage of doing cost segregation you could not do a 1031 exchange on the property at a later date, is this true for Short term rentals?

[@j10001]

Nice video. Thanks!

[@lmnation9677]

Can that short term strategy be combined with an Travel trailer/ RV purchase? Super depreciated, etc. If I can get one purchased by years end. Rent out and get the hours in? Still then offsets W2 income?

[@AKDisobey]

Can this year's write-off be used in subsequent years or has to apply to this year's income?

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[@macoeur1122]

Can I do this with an ADU on my property or a conversion to my garage and the cost that I incurred getting this short term rental up and running?

[@CloDPT1]

Can you do this at any point? I have had a vacation rental for 3 years

[@davidlloyd8135]

This deduction is used to offset profits from the short-term rental or can it be used to deduct from my regular job income. If my regular job is over $250k, still apply?

[@entnous53]

Also you can do the 500 hours and not 100 hours, correct? Could you have a property manager but still work the 500 hours? And is it both spouses so each spouse could work 250? And do the election to combine 2 Airbnbs for the 500 hours?

[@sheriwalters9797]

Marc, where is the video on buying investment property in a roth and how to handle it?

[@user-hm1tm5kk2t]

Can cost seg losses be used to offset Capital gains from stock liquidations in the same year?

[@user-rw5mg5yp8d]

Will this work if converting ADU (currently living in while main house is rehabbing) to short term rental in summer of 2024

[@sumeetbedi1042]

Excellent information as always. Just want to confirm if the 100 hours test starts from the time of purchased or from the time the rental begins as an airbnb. Because I always spend a lot of time furnishing the place, but the rental takes face after that. Thanks and keep on educating us.

[@j10001]

Good question. He said it can include the hours arranging the purchase, so that’s even before the sale happens.

[@kyleward5249]

Would I be able to write these loses off against income from K1's from another entity? (k1 income is also real estate)

[@jadepuma]

Can the CostSeg be done if the property is contained within a Self-Directed IRA?

[@christianrooney4428]

Is it possible to wrap a commercial property with the short term rentals. In other words, how can I get a cost Seg on a commercial property without being a real estate professional?

[@eoliverjdmba]

What about pass thru losses with S Corps or LLCs?

[@dmikaels2199]

Can you take advantage of this by buying a property with 1031 exchange funds?

[@CarlosFuchen]

Too late to do something for 2023, will this (loophole) be available for 2024?

[@stickybandit2346]

How can you take depreciation? Properties go up in value every year.

[@tw2800]

The rich don't keep any information from you to prohibit the "poor" from making money....information is available to all classes of society....whether or not people educate themselves is up to them

[@j10001]

Can you continue taking the tax write off even after converting to a mid-term or long-term rental?

[@arthurnn]

The main idea here is to take the big write off at year one with cost-seg and bonus depreciation. If you want to keep getting the write off as active and not passive income, you got put the hours still on that tax year

[@nfaoussoukouyate1963]

Money source very important

[@andygordley2391]

Will this work if I buy a property in another country (like Costa Rica)?

[@erinparsley]

Interested in this answer as well

[@invictus_1511]

How do I add my family members to my board in my single member LLC

[@j10001]

Do LLCs even have boards?

[@davidlloyd8135]

I have to do 100 hrs more than any other worker on the project?

[@user-gj2hm4ob3t]

All that depreciation comes back in recapture when you sell, so make sure to 1031 Exchange it down the road ;-)

[@kkaalaas]

what if we can't close by the end of this year?

[@j10001]

8:55 The 100 hours has to be more than anyone else?? EDIT: I see you answered this (yes) at 21:20

[@robinsevern-fischette3783]

where is you CA STR? Ive had an STR in Nashville since 2016- it is my main home and when I am traveling I short term rent it out. I have NO idea if ive taken any of these loopholes, the rules change over time. I am now (waiting on the # ) a licensed realtor in TN so not sure how that will change as well. would love some advice

[@choski76]

Can a retiree without a regular income do this? I.e. be able get a loan?

[@graywilliams_77.]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.

[@user-xp6sc6su9c]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person

[@user-xp6sc6su9c]

I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.

[@davecalico3273]

provide an Escort😋 didn’t realize Ford still made those😛 - but then u are into a whole nother rental w/insurance

[@rkgunn]

Other options than the 100hrs? What about just spending more time than anyone else?

[@shorts_luv7634]

Sick and tired of paying taxes when I sell one of my rental properties.i have already paid 70,000 in taxes.irs is brutal if you decide to make monthly payments

[@frankshattuck1975]

Pass the fair tax act

[@bigt8417]

Does this only work with STR or can I use this with a MTR?

[@macoeur1122]

Pretty sure he said it was only STR. Watch the video again?

[@funmiester]

One point: the STR (not MTR or STR) must have an AVERAGE STAY OF 7 DAYS or less

[@SabrinasTVTube]

Here I am up late consuming as much knowledge on building wealth and becoming financially free…one podcast at a time 😵‍💫

[@NeedsMoreToys]

So the 35% accelerated depreciation is only available for short term rentals?

[@user-gj2hm4ob3t]

The 35% number was just tossed out. It depends entirely on the asset that is being depreciated. The building is depreciated over 27 years. The carpets? Three years. The furniture? Maybe the same. How about the HVAC unit? IRS has a list of all these items. I think his 35% is really high. You cannot depreciate the land. Best is to simply look at your property tax bill, it will give you a percentage of how the taxes were figured: Example: 67% might be for the building and 33% of the bill might be for the land. In that case, you depreciate 67% of the purchase price (ie, the building). Now, you look at the building and (if you want) take the time to list all the "accelerated depreciation" table (IRS) as to how fast you can depreciate specific items. Most investors simply expense those things rather than depreciate them. I don't "depreciate" carpeting, I just write the cost off (there are limits to how much you can "expense" rather than depreciate).

[@j10001]

@@user-gj2hm4ob3t Interesting. Thank you for this essential detail!

[@logic25r]

Can you buy a property out of the country for Airbnb and still get tax deduction?

[@erinparsley]

Interested in this answer as well

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[@mekrobar7872]

P.s., I'm in California if that matters.

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[@vitaminboss]

This can only be done within the first year of purchase not in the following year? What if the property that was purchased had the sellers remain as tenants for the first few months?

[@danieldelacerda1]

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[@PatriciaGabrielaTorres]

If you wanna be successful, you must take responsibility for your emotions, not place the blame on others. In addition to making you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life...

[@bigt8417]

Can I do this with an ADU on my property or a conversion to my garage and the cost that I incurred getting this short term rental up and running?

[@user-gj2hm4ob3t]

Your zoning will likely not allow it. ADUs are typically long term

[@macoeur1122]

@user-gj2hm4ob3t I have the exact same situation. Are you saying that zoning won't likely allow short term rental? I know for a fact that mine does. I got it all approved and registered before I even converted the garage. So the question remains...

[@user-gj2hm4ob3t]

@@macoeur1122 Yes, typically zoning regulations (and HOAs) prohibit short term (less than seven days) rentals. Of course if you are located in an area of hotels, motels, all bets are off. In my neighborhood nothing less than 6 months.

[@danieldelacerda1]

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[@danieldelacerda1]

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[@danieldelacerda1]

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