402: Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today! Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics. Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)! In This Episode We Cover Tax benefits of buying a property in cash versus getting a loan The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes How to claim depreciation deductions in an investing partnership The pros and cons of cost segregation studies and normal depreciation deductions Why you NEED to hire a real estate tax strategist (and how to find one!) How to set up your business entity for the best real estate tax savings And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Connect with Mindy on BiggerPockets Mindy's Twitter Kyle’s Website Clarity Financial Kyle’s Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Get Tax Professional Recommendations from Other Investors The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of Year-End Tax Tips and How to Owe Even Less in 2023 2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices