Podcast Episode 689: Tax Loopholes- Let's Discuss
I think there are a lot of great discussions to be had around Podcast Episode 689. @David Greene and @Robert Abasolo brought great discussion and tons of tips! With 2022 coming to an end, I know I'm looking for ways to lower my tax burden as well as strategies for 2023.
What are the strategies you're currently utilizing to lower your tax bill?
Are you trying to capitalize on the 100% depreciation option before it starts phasing out?
Who has heard of the AirBNB loophole? Who didn't and now gets to use it? (Woohoo!)
What questions do you have regarding writing off a househack?
When did you opt to move to a tax advisor vs a tax preparer?
Do you currently run P&Ls on your business? (Not sure how? Read Real Estate By the Numbers and join our book club!)
Did you start tracking your accounting from Day 1, or are you scrambling after the fact... like me.
Bonus depreciation- do you use it on everything, or are there certain parameters that make it not worthwhile?
Anyone moved from W-2 to Real Estate Pro? How did it affect your taxes? Were you able to affect your spouse's tax burden as well?
Let hear what you have to say!