22. Real Estate Rental Taxation

Welcome to Questioning Your Cents where you can get real-world, pragmatic tax & financial
advice for business owners, entrepreneurs and independent contractors.

We are your hosts, Kevin Molen and Charles Steinmetz. Our job is to help educate you on how
to manage your money and save on taxes. In this episode, we discuss rental properties and
taxes.

Important Points:
Why do you want to get into real estate?
How is rental income taxed?
Income on monthly income vs. selling a home
How business rentals function similarly
Can I claim missed rent as a deduction?
Can I carry forward rental losses on my taxes?
Passive activity loss vs. being a real estate professional
What entity should I use to buy a rental property?
Should I use an LLC or an umbrella policy for asset protection?
Should I form an S-Corp as a long-term rental owner?
How does the mortgage payment get counted as a tax deduction?
How does depreciation of a rental property work?
How to categorize repairs vs. improvements to a rental property
How do I determine the cost basis in my rental property?
How to account for security deposits for tax purposes
What expenses are reasonable to expense
Realized gains – How does depreciation recapture work for properties upon the sale of a home?
How does a 1031 exchange work? Is it worth it?

Comfort Zone:
∙How long should I keep my tax documents?
∙What types of documents or receipts should I be saving?

Contact us:
[email protected]
281-440-6279

Find us on social media:
https://www.facebook.com/molentax
https://www.instagram.com/molen.tax/
https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw
https://www.linkedin.com/company/molen-&-associates
https://twitter.com/molentax
https://www.molentax.com
http://questioningyourcents.com

Скачать видео