One of the best benefits of owning real estate is the amount that you can reduce from your taxes!
π‘ Every year, you get to deduct 1/27.5 of the value of the structure as a passive loss against your passive income (such as your rental cash flow). This is called depreciation.
π¨ You also get to deduct any costs associated with operating your rental property, such as paying for your mortgage interest, property taxes, insurance, and property manager.
βοΈ You can also write off any traveling costs associated with running your investing business, such as flights, hotel stays, and meals when you travel to visit your properties!
π¦ Naturally, you can also invest in an IRA and deduct that amount from your taxable income as well!
What are your favorite tax deduction strategies?
*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites.
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