Want to reduce your tax bills significantly?
Then, read on to discover the top five tax strategies you need to know.
Dear valued readers,
As a long-term rental investor, reducing your tax bills is a top priority. With the right strategies, you can maximize your tax savings and keep more money in your pocket. Here are the top five tax strategies you need to know:
- Take advantage of the Real Estate Professional Status (REPS) to treat rental real estate activities as non-passive for tax purposes.
- Materially participate in your long-term rental activities to qualify for REPS.
- Maximize your tax savings with cost segregation by reclassifying certain property components.
- Take advantage of bonus depreciation for newly acquired or renovated properties.
- Avoid critical mistakes that can cost you thousands in tax savings.
Don’t leave money on the table! By implementing these tax strategies, you can significantly reduce your tax bills and maximize your returns on investment.
As a qualified tax professional, I can help you navigate any potential changes to your tax strategy and ensure that you are prepared for the future.