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846: What You Need to Do NOW to Pay Fewer Taxes in 2024

846: What You Need to Do NOW to Pay Fewer Taxes in 2024

FromBiggerPockets Real Estate Podcast


846: What You Need to Do NOW to Pay Fewer Taxes in 2024

FromBiggerPockets Real Estate Podcast

ratings:
Length:
66 minutes
Released:
Nov 20, 2023
Format:
Podcast episode

Description

If you want to pay fewer taxes or outright avoid taxes in 2024, you’re in the right place. We’re about to give you all the last-chance tax tips and loopholes you can use NOW to pay WAY less in taxes in 2024. All of these are perfectly legal, but many will require some form of real estate investing. Don’t own any rental property yet? Not a problem! You can STILL start planning to pay lower taxes BEFORE you buy!
We brought back our two favorite tax experts, Amanda Han and Matt MacFarland, on to the show to share all the last-minute tax tips YOU can use to pay Uncle Sam less and keep more in your pocket. Plus, Amanda and Matt share a tax “loophole” that anyone who makes under $100K per year OR owns a short-term rental property can use to save thousands, if not tens of thousands, in taxes.
We’ll also get into common ways anyone can reduce their taxes through retirement account contributions, charitable donations, and more. Plus, the common misconception costing you thousands of dollars in write-offs that you never knew you could take!

In This Episode We Cover
The one rental property “loophole” that allows you to take a MASSIVE deduction
A huge real estate write-off any investor who makes under $100K is able to take 
Retirement investing and how boosting your nest egg can dramatically lower your taxes
Common real estate write-offs that you’ve probably missed 
How to use your home equity for tax-free income AND a big tax write-off 
What to do RIGHT NOW to avoid paying taxes in 2024 (and beyond!)
And So Much More!

Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-846
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Released:
Nov 20, 2023
Format:
Podcast episode

Titles in the series (100)

Imagine you are friends with hundreds of real estate investors and entrepreneurs. Now imagine you can grab a beer with each of them and casually chat about failures, successes, motivations, and lessons learned. That’s what The BiggerPockets Podcast delivers. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals every week. The show won’t tell you how to “get rich quick” or sell you a course, boot camp, or guru system; instead, the BiggerPockets Podcast will give you real strategies that work for real people. Start listening and join the over one million members who are learning to invest so they need Bigger Pockets! Visit biggerpockets.com, and follow Joshua Dorkin @jrdorkin, Brandon Turner @BrandonAtBP and David Greene @DavidGreene24.