This is just one of the ways I reduce my taxable income.
I also employ my son and pay him $12K/yr.
If I ever need to sell my real estate, I would use a 1031 exchange to defer any capital gains that I would have to pay.
Essentially, you have to reinvest the money from the sale into a property that’s worth the same amount or more.
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I also employ my son and pay him $12K/yr.
If I ever need to sell my real estate, I would use a 1031 exchange to defer any capital gains that I would have to pay.
Essentially, you have to reinvest the money from the sale into a property that’s worth the same amount or more.
Follow me for if you liked this video and want to see more.
thelegacyinvestingshow
2024-04-18 01:15:16
yes i bought this rental property how can i write it off you can just take the standard storyline depreciation so you can write off ten thousand dollars per year okay that sounds good and all but how i write off even more do you actually want to know the cba the only millionaires though use a cost segregation study how does that work so cost aggregation studies allow you to deduct more rebuilding upfront including the materials inside so from the example earlier instead of just having ten thousand dollars in depreciation expense every year
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