Small Business Tax Savings Podcast
Business:Entrepreneurship
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Curious about how real estate can help you grow your wealth and save on taxes?
In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary income, such as qualifying as an active real estate investor or a real estate professional. Additionally, he touches on the "short-term rental loophole" and the importance of considering exit strategies when selling real estate investments.
[00:00 - 05:21] Introduction and Overview of Real Estate Tax Planning
[04:00 - 13:41] Utilizing Passive Losses and Short-Term Rental Loophole
[13:41 - 17:09] Considerations for Business Owners in Real Estate
[17:09 - 25:51] Exit Strategies and Conclusion
Quote:
"Don't get into real estate for tax savings. Get into real estate to grow your wealth and then experience the benefit of tax savings that comes with real estate as that cherry on top." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Appearance on The One Big Tip Podcast with Jeff Mendelson
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How Do I Read A Balance Sheet and Why Is It Important?
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What Is Cash and Accrual Accounting?
What Are Bookkeeping Debits, Credits, and Chart of Accounts?
What Is Bookkeeping and Why Do I Need Bookkeeping For My Business?
Everything You Need To Know About S Corporations - Series Wrap Up
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What Is A Reasonable Compensation For An S Corporation Owner?
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