High Net Worth Individuals - Tax Advantages/Best Practices?
Question is for folks that are 150K in earnings and investing in Real Estate as a passive investor and NOT designated as a "real estate professional. I currently have apartment complex (MFH) in FL and about to purchase another MFH in an Opportunity Zone. I have a property management that runs this business since I have a full time job. I would LOVE to quit my job and become a real estate professional so I can write off passive losses against my income but that isn't an option.
What are some tax advantages, best practices that I should be aware of as I'm trying to lower my tax basis as much as humanly possible -Being a "high net worth individual" limits this. Any best practices would be welcome. Thank you. -Ed