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Andrew Balderson: Taxes & Real Estate
In this episode, Dave and Andrew discuss:
- Questions people are asking during tax season.
- Differences in taxes between primary and investment properties.
- Deductibles in real estate taxes.
- What it means to be a Real Estate professional on your taxes.
Key Takeaways:
- On your primary residence, assessments are not generally deductible. That may be different if you have an at-home office and own your own company or are a 1099 employee.
- Keep good records, with receipts and documentation, about what you do to your property. That information is important if you are selling, but also potentially if your property is converted to investment property down the road.
- There are likely to be differences in what can be written off on a federal level and on a state level. Tax laws are also always changing. Working with a CPA who is knowledgeable in these laws can be important when you’re dealing with property.
- Gaining education from your real estate agent or your CPA can help guide you to making the correct decisions for you, your family, and your situation.
"Every situation is unique and the rules will come together differently, depending on each client's specific scenario." — Andrew Balderson
About Andrew Balderson: As founder and owner of Balderson & Company, Andrew is focused on providing the best solutions to meet his client's needs. He has spent two decades working with individuals and business owners. As a result, he understands the importance of developing relationships based on a strong knowledge of each client's unique situations and circumstances.
He began his career in Columbus, Ohio with Coopers & Lybrand, the predecessor to PricewaterhouseCoopers where he focused on working with closely held and family-owned businesses. While at PwC, he spent a year with the transaction services group helping clients buy and sell their businesses. He left PwC in 2005 and continued working with individuals and business owners as a CPA ultimately starting Balderson & Company in November 2012.
Andrew graduated cum laude from California State University, Long Beach in 1991 with a Bachelor’s Degree in Accounting and completed his Master's in Taxation at Capital University Law School in Columbus, Ohio.
Connect with Andrew Balderson:
Website: https://www.baldersonco.com/
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/andrewbalderson/
Connect with Dave Nimick:
Website: https://thenimickteam.com/
Email: [email protected]
YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos
LinkedIn: https://www.linkedin.com/in/davenimick/
Facebook: https://www.facebook.com/thenimickteam
Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
View all episodes
By Dave NimickIn this episode, Dave and Andrew discuss:
- Questions people are asking during tax season.
- Differences in taxes between primary and investment properties.
- Deductibles in real estate taxes.
- What it means to be a Real Estate professional on your taxes.
Key Takeaways:
- On your primary residence, assessments are not generally deductible. That may be different if you have an at-home office and own your own company or are a 1099 employee.
- Keep good records, with receipts and documentation, about what you do to your property. That information is important if you are selling, but also potentially if your property is converted to investment property down the road.
- There are likely to be differences in what can be written off on a federal level and on a state level. Tax laws are also always changing. Working with a CPA who is knowledgeable in these laws can be important when you’re dealing with property.
- Gaining education from your real estate agent or your CPA can help guide you to making the correct decisions for you, your family, and your situation.
"Every situation is unique and the rules will come together differently, depending on each client's specific scenario." — Andrew Balderson
About Andrew Balderson: As founder and owner of Balderson & Company, Andrew is focused on providing the best solutions to meet his client's needs. He has spent two decades working with individuals and business owners. As a result, he understands the importance of developing relationships based on a strong knowledge of each client's unique situations and circumstances.
He began his career in Columbus, Ohio with Coopers & Lybrand, the predecessor to PricewaterhouseCoopers where he focused on working with closely held and family-owned businesses. While at PwC, he spent a year with the transaction services group helping clients buy and sell their businesses. He left PwC in 2005 and continued working with individuals and business owners as a CPA ultimately starting Balderson & Company in November 2012.
Andrew graduated cum laude from California State University, Long Beach in 1991 with a Bachelor’s Degree in Accounting and completed his Master's in Taxation at Capital University Law School in Columbus, Ohio.
Connect with Andrew Balderson:
Website: https://www.baldersonco.com/
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/andrewbalderson/
Connect with Dave Nimick:
Website: https://thenimickteam.com/
Email: [email protected]
YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos
LinkedIn: https://www.linkedin.com/in/davenimick/
Facebook: https://www.facebook.com/thenimickteam
Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.