All Forum Posts by: Bill Hampton

@Account Closed

I recommend that have a consultation with your tax accountant and/or financial advisor on ways to reduce your taxes. 

Another option is to invest in the market instead of paying down a mortgage. The S&P 500 is up 25% this year. This might not reduce your taxes, but it's a better use/return for your money than paying down a 4% or 5% mortgage. 

Good luck. 

 @Steve Crisp

If you meet the material participation guidelines and qualify for the short term rental loophole you should get a free cost segregation estimate to see how much you would benefit from the accelerated depreciation. 

Good luck. 

@Troy Smith

The advice you received is correct. You cannot deduct your rehab costs until the property is in service. 

Once the property is in service your rehab costs will be added to your cost basis. 

You may be able to deduct mortgage interest and property taxes before the property is in service. 

Depending on how you use the property, you may benefit from a cost segregation study and bonus depreciation once the property is in service. 

Make sure your accountant specializes in real estate taxation. A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Vidit Maini

You should have a consultation with a tax accountant to learn about tax strategies. 

A good tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in business taxation, financial planning and tax planning.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Elizabeth King

Your accountant is wrong. Its time to get an accountant who specializes in real estate taxation. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Greg Strunak

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Christina Galdieri

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Armell Mayers

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@David Sam

It depends on a number of factors. 

Is it a long term rental or short term rental?

How much is your household income?

Do you qualify for REPS?

Do you qualify for the short term rental loophole?

I recommend that you speak with a real estate accountant to see if you will benefit from a cost segregation first. 

Good luck. 

@Gene Jung

The S&P 500 is up over 25% this year. Earning 25% is better than paying down a 5% mortgage.