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Tax, SDIRAs & Cost Segregation

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Bill Bouillon
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Tax Deductions for Non-Professional

Bill Bouillon
Pro Member
Posted Feb 9 2024, 15:47

Hello BiggerPockets!

I've been consuming as much content from BiggerPockets the past 6+ months to plan for an earlier retirement than I initially thought possible. I plan to ease my way into REI by renting out my current house (with those COVID-interest rates!) when I move into a new home hopefully within the next year or so. I'm curious what experiences people have had taking tax deductions as a non-professional REI. I plan on creating an LLC to put the property into. It's unclear to me how that would affect my W-2 income tax liability though. I recognize the simple answer is talk to a REI friendly CPA (which I plan to do), but I'm curious what others have deducted to less their own tax bill if they just acquire a couple LTRs over time.

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