Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode of the LearnLikeaCPA show, I dive into the essential playbook for setting up LLCs as a real estate investor. I break down the pros and cons, common mistakes, and the key steps to structuring LLCs for asset protection and tax efficiency. You'll learn when you actually need an LLC, how to avoid creating unnecessary tax returns, and my guidelines for determining the right amount of equity per property before setting up a separate LLC.

Timestamps:

00:00:00 Intro

00:00:58 Why LLCs Don’t Save You Money on Taxes

00:01:43 Guidelines for Determining When to Set Up an LLC

00:02:28 Pros of Setting Up an LLC for Asset Protection

00:03:14 Common Mistakes with Multi-Member LLCs

00:04:53 Avoiding Unnecessary Tax Returns

00:05:43 Back-of-the-Napkin Math for Equity in LLCs

00:08:08 Steps to Setting Up an LLC Properly

00:09:33 Registering LLCs in Out-of-State Investments

00:10:33 Outro and Call to Share the Podcast

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, I discuss the five critical things to watch out for when switching jobs, whether transitioning between employers or moving from W2 to 1099 status. We explore essential considerations including COBRA insurance coverage, managing your 401(k) rollover options, and strategic tax planning opportunities during employment transitions. I also share valuable insights about Roth conversion opportunities during income changes and the important differences between W2 and 1099 employment benefits.

Timestamps:

00:00:00 Intro

00:01:07 COBRA Insurance and Health Benefits During Job Transitions

00:01:55 Managing 401(k) Rollovers and Investment Options

00:06:02 Strategic Timing for Roth Conversions

00:07:17 Year-End Tax Projections and Social Security Considerations

00:09:34 W2 vs 1099: Benefits Analysis and Lending Implications

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, I join my friend Avery Carl on The Short Term Show to discuss what it takes to successfully defend an audit on the short-term rental tax loophole. We dive deep into the importance of proper documentation, setting up material participation logs, and understanding how to track and defend expenses. I also share my personal experience of winning an IRS audit with zero changes.

Timestamps:

00:00:00 Intro

00:01:02 What Triggers Audits for Short-Term Rental Investors

00:03:45 Setting Up and Maintaining Material Participation Logs

00:06:20 Tracking Expenses and Financial Statements

00:08:54 Winning an IRS Audit with Zero Changes

00:11:32 Navigating the Audit Process

00:14:05 The Role of CPAs Who Understand Real Estate

00:16:40 Strategies to Minimize Audit Risk

00:18:50 Leveraging the Short-Term Rental Loophole Effectively

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, we're walking through essential state-level tax planning strategies for real estate investors. We cover everything from property tax reassessments to navigating multi-state income tax issues and understanding occupancy taxes. I also break down the right way to structure LLCs when investing across multiple states to ensure legal and tax compliance.

Timestamps:

00:00:00 Intro

00:00:42 Property Tax Reassessments

00:03:15 Multi-State Income Tax Rules

00:05:48 Managing Occupancy Taxes for Short-Term Rentals

00:08:22 Structuring LLCs for Out-of-State Properties

00:10:56 Depreciation Strategies to Maximize Tax Benefits

00:13:30 Avoiding Common State Tax Pitfalls

00:15:45 Staying Updated on State Tax Changes

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, we're diving into Roth conversion planning and talking about essential strategies to help you maximize your tax savings. We’ll break down when and why to consider a Roth conversion, how to take advantage of market dips, and the importance of understanding tax brackets when converting traditional retirement accounts to Roth. I’ll also cover key tactics like chunking conversions and why it’s crucial to avoid withholding taxes during the conversion process.

Timestamps:

00:00:00 Intro

00:01:12 When to Consider a Roth Conversion

00:03:45 Tax Brackets and Roth Conversions

00:05:28 The Importance of Not Withholding Taxes

00:07:10 Chunking Conversions for Maximum Efficiency

00:08:55 Using Market Dips to Your Advantage

00:10:33 Long-Term Benefits of Tax-Free Growth

00:12:05 Common Mistakes in Roth Conversions

00:13:40 Strategizing for Future Tax Changes

00:15:22 Roth Conversion and Estate Planning

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa⁠

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, I dive into the crucial topic of asset protection and LLC structures for real estate investors. I break down when and why you need an LLC, how to properly set it up, and the importance of keeping your properties organized to protect your investments. We’ll also discuss advanced strategies like using a revocable living trust and a Wyoming holding company to streamline your real estate portfolio.

Timestamps:

00:00:00 Intro

00:00:45 Setting Up an LLC for Real Estate Investments

00:02:30 When You Need an LLC

00:04:12 Using a Revocable Living Trust

00:06:05 Wyoming Holding Company Strategy

00:07:48 Navigating the Do-On-Sale Clause

00:09:15 Understanding Transfer Taxes

00:10:37 Structuring for Tax Efficiency

00:12:20 Common Mistakes in Asset Protection

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, we're diving into the ins and outs of seller financing, a powerful tool for real estate investors. I break down how seller financing can benefit both buyers and sellers, covering everything from tax advantages to navigating inflation. We’ll explore key strategies for structuring deals, overcoming financing challenges, and making seller financing work in today’s high-interest rate environment.

Timestamps:

00:00:00 Intro

00:04:18 Tax Advantages for Sellers

00:02:42 Seller Financing from the Buyer’s Perspective

00:08:13 How to Structure a Seller-Financed Deal

00:09:26 Negotiating Terms and Interest Rates

00:06:21 Common Scenarios Where Seller Financing Works Best

00:07:10 Seller Financing as a Retirement Strategy

00:14:45 Dealing with Defaults and Contingencies

00:05:20 The Role of Inflation in Seller Financing

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode, I’m sharing some of the best tax strategies for short-term rental (STR) investors. I dive into the powerful short-term rental loophole that allows you to use rental losses to offset your W-2 and business income without needing to qualify as a real estate professional. I’ll also walk you through the key requirements for material participation, the most common deductions investors miss, and best practices for structuring your STR investments.

Timestamps:

00:00:00 Intro

00:01:49 Real Estate Professional Status vs. STR Loophole

00:02:41 Material Participation Requirements

00:04:20 Common Deductions for STR Investors

00:05:21 Maximizing Tax Benefits with STR Investments

00:06:31 Choosing the Right Property for Tax Purposes

00:08:42 Accelerating Tax Deductions

00:11:06 Cost Segregation Studies

00:16:03 Impact of Recent and Proposed Tax Law Changes

00:17:54 Q&A on Specific Tax Scenarios

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode of the LearnLikeaCPA show, we dive into why Congress writes the tax code the way it does and how real estate investors can benefit from it. I'm breaking down the foundational principles behind the tax incentives for business owners, investors, and real estate professionals. I also share an update on proposed tax law changes that could impact your investment strategy.

Timestamps:

00:00:00 Intro

00:00:30 The Purpose of the Tax Code

00:01:19 Incentives for Business Owners

00:02:30 Incentives for Investors

00:03:05 Incentives for Real Estate Investors

00:05:29 Current Tax Law Proposals

00:06:44 The Importance of Timing in Tax Planning

00:09:21 Understanding and Preparing for Changes to the 1031 Exchange

00:11:08 Q&A on Specific Tax Situations

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa

*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Ready to save $10k-$50k in taxes this year? Book a call here:

► https://taxstrategy365.com/pod-app

In this episode of the LearnLikeaCPA show, we're diving deep into long-term rental strategies that real estate investors can use to save money on taxes. I'm sharing insights from my recent tax strategy bootcamp, breaking down how to maximize tax benefits and minimize liabilities through strategic real estate investments.

Timestamps:

00:00:00 Intro

00:00:50 Earned vs. Passive Income

00:02:38 Avoiding FICA Taxes with Real Estate

00:04:39 Depreciation and Cost Segregation

00:05:55 Missed Deductions

00:07:29 After-Tax Cost of Investments

00:08:51 Maximizing Tax Savings with Strategic Spending

00:10:07 Using Passive Losses to Offset Other Income

00:14:25 Lazy 1031 Exchange Strategy

00:16:34 Real Estate Professional Status

Want me to answer your questions live? Come to my next Ask Me Anything Q&A:

► https://taxstrategy365.com/pod-ama

Let's connect!

► Instagram: https://www.instagram.com/ryanbakkecpa/

► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/

► Twitter: https://x.com/RyanBakkeCPA

► Facebook: https://www.facebook.com/ryanbakkecpa

► TikTok: https://www.tiktok.com/@ryanbakkecpa⁠

*None of this is meant to be specific investment advice, it's for entertainment purposes only.