1231 - Essential Tax Breaks Every Real Estate Investor Should Know in 2024 by Datha Santomieri
BiggerPockets Daily
English - February 27, 2024 07:00 - 11 minutes - ★★★★★ - 284 ratingsInvesting Business Entrepreneurship real estate success financial freedom financial independence wealth wholesaling money landlord realestate real estate investing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Running a rental business comes with its fair share of headaches, but one upside is that just about every rental activity associated with buying, maintaining, and operating a rental property is tax-deductible. We’ll walk through a checklist so you remember to keep track of your actual expenses and get the maximum tax benefit.
At the end of the day, the logic is that you should only have to pay taxes on your profits, which is your rental income minus all of your expenses. That’s the number that will be entered on Schedule E when you file your taxes.
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Running a rental business comes with its fair share of headaches, but one upside is that just about every rental activity associated with buying, maintaining, and operating a rental property is tax-deductible. We’ll walk through a checklist so you remember to keep track of your actual expenses and get the maximum tax benefit.
At the end of the day, the logic is that you should only have to pay taxes on your profits, which is your rental income minus all of your expenses. That’s the number that will be entered on Schedule E when you file your taxes.
Learn more about your ad choices. Visit megaphone.fm/adchoices