Updated about 6 years ago on . Most recent reply
Real Estate Investing and Taxes
Dear BPers,
I'm interested in learning more about Real Estate investing and taxes. We are getting close to amounts where our income might be too high for ROTHS (Have to check this after the standard deduction. We took the standard deduction in 2018.) But I am looking at real estate investing as a possible / future help to relieve taxes.
The 2019 standard deduction is $24k for married filing jointly, and we generally do not have enough in mortgage interest, charitable contributions, etc. to itemize, although we could work on being more strategic with those things.
If we purchase a turn key property or other real estate investement, we would be able to deduct business expenses and depreciation.
Am I missing anything? Has anyone taken up real estate investing specifically for the tax benefits? Thanks.