Can someone give me help on Tax shelters/Expenses to write off

Question

Hi Guys , first off I appreciate any insight given, so thank you in advance. I kind of had a snowball year with my income and it wasn't expected at all. I am dreading the taxes that are going to hit me. I ended up selling a rental house ( had longer than a year) and made a great profit on it (roughly 60k), I have two short term rental house that will gross 40k on airbnb this year. I have one long term rental that is pulling about 13k this year. I purchased a house a couple months ago that I am remodeling. So this year kind of just happened and I didn't expect any of this to really pop up like it did. I am wondering what all I can do to lessen my taxes, if anything. I'd be interested in knowing what strategies you all use. thanks!

Basit Siddiqi · Answer

@Burt GourleyIt seems like you had a nice year income wise. This is not the worst problem to have.A couple of talking points.The 13K long-term rental sounds like a gross figure and likely will a small number or potentially negative when you factor in rental expenses.Selling the rental house - You need to determine if this is taxed as ordinary income or favorable long-term capital gains tax rates.Regarding to the naming of expenses, It may be difficult to do in one post since you are mentioning so many "businesses"

Buy and hold rental property, Short-term Rentals, Sale of property.

You may want to consider potentially looking to see if you owe any estimated tax payments which you can pay in December/January.
This will also help you since you won't need to make the full payment in by April(if you infact do owe taxes).

Can someone give me help on Tax shelters/Expenses to write off

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