Rental Property Tax Essentials: Top Tips & Updates for 2023 You Need to Know

How can you take advantage of tax strategies for rental properties in order to maximize investment returns? In this episode of the Small Business Tax Savings Podcast, Mike talks about the different types of depreciation such as straight line, accelerated bonus, and section 179, how cost segregation can be used to accelerate depreciation, and how losses from rental properties can be used to offset other income.Mike covers Mortgage Interest, Property Taxes, Insurance, Repairs and Maintenance, Travel Expenses, and Hiring Your Kids.  Tune in now and hear Mike discuss leveraging tax strategies for rental properties to maximize investment returns![00:24] Exploring Depreciation Strategies For 2023Today’s topic is, “Rental Property Tax Essentials”Rental properties are a great way to save money on taxes and grow your businessDepreciation is a powerful tax savings tool for rental property owners[02:06] How To Leverage Cost Segregation StudiesDifferent types of depreciation can be used, such as straight line, accelerated bonus, and section 179The Tax deductions available for rental properties, such as:Mortgage InterestProperty TaxesInsuranceRepairsMaintenanceTravel ExpensesReal Estate Investments and cost segregation studies[07:45] Exploring The Short Term Rental LoopholePassive losses can only offset passive incomesStrategies to maximize losses include becoming a real estate investor or professionalQualifying as a real estate professional can use losses to offset W2 income and business incomeQualifying as a real estate professional can be difficult for high-income earners[16:23] Closing SegmentMike advises listeners on how to leverage tax strategies for rental properties in order to maximize investment returns!Final WordsKey Quotes“Depreciation is a powerful tax savings tool, and it's one of the reasons that so many people can get into real estate, rental properties, and utilize losses from that rental property to offset their income.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com