This week on Blue Gems we talk with Ryan Bakke about the nitty gritty details of how to leverage real estate investing to get to most out of your taxes. Ryan works with a CPA firm specializing in real estate investing with a focus on short term rentals. Both a tax account and an investor himself, Ryan knows the ins and outs of the trade. Check out his website learnlikeacpa.com for more information.

[00:00] Episode intro

[00:21] Show intro

[00:56] Ryan’s background and how he got into real estate

[03:53] Why does the IRS incentivize real estate investing?

[04:47] Passive vs. active income

[06:45] What are the tax rules for someone who does househacking?

[07:51] How can a real estate investor compensate for loan qualifications?

[09:14] Depreciation and where to add it back

[11:29] The great tax benefits of short term rentals,

[17:30] Does the short term rental loophole affect your tax return?

[20:45] Loophole in long term rentals

[22:39] Why don’t people househack or get into other real estate?

[25:10] Cost segregation studies and their benefits

[32:19] What can you write off as a real estate investor?

[35:54] How your spouse can be a big asset to your investing

[38:24] Call Ryan for those blue gems

[39:34] What does Ryan look for in clients?

[41:56] Understanding rules and tax codes as an investor

[43:37] Ryan’s portfolio

[46:58] Advice for people new to real estate

[48:23] What separates the doers and the wishers

[49:43] The last blue gem

[52:06] Outro

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