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I Just Got a Rental, What Do I Do?
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- Real Estate and Rental Properties as a Business
- Basic Business Entities For Real Estate Investment
- Sole Proprietorship
- Single-Member Limited Liability Company (SMLLC)
- Multi-Member Limited Liability Company (MMLLC)
- Limited Liability Partnerships (LLP) and General Partnerships (GP)
- Rental Property In Partnership Entities
- C Corporations
- Rental Property In C Corporations
- S Corporations
- Pass-Through Versus Disregarded Entity Taxation
- Your Spouse As A Business Partner (Happy Happy Joy Joy)
- Owning A Rental Property With Others
- Real Estate Investing With Family Partners
- Real Estate Holding Company and Operating Company
- Pure LLC Holding Company
- Economic versus Equity Interests
- Structuring Real Estate Deals with Angel Investors
- Loans or Capital Injections
- LLC Benefits For Rental Properties
- Multi-Entity Rental Property Tiered Structure
- Using a Trust In Your Real Estate Holding Company
- Operating Agreements For Real Estate Partnerships
- Real Estate Succession Planning
- Fallacy Of A Nevada LLC (or Delaware, or Wyoming, or wherever!)
- Liability Protection Fallacy Of An LLC
- Charging Orders
- Using A Self-Directed IRA Or 401k To Buy A Rental Property
- Trapped Rental Assets In An S Corporation
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- Three Types of Income
- Passive Activity Loss Limits
- Passive Income Generators (PIG)
- Your Small Business As A Passive Income Activity
- Material Participation Rules
- What Time Counts For Material Participation
- Real Estate Professional Status (REPS)
- Short-Term Rental (STR) Loophole
- Vacation Home Rules
- State Problems With Your Rental Property
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- Chapter Introduction
- Five Basics to Warm Up To
- Value of a Rental Property Tax Deduction
- Rental Property Tax Deductions Themes
- Section 199A Rental Property Deduction
- Common Rental Property Tax Deductions
- Allocation of General Rental Expenses
- Rental Property Travel Deductions
- Rental Property Meals
- Mortgage Interest Tracing
- Acquisition Costs (revisited)
- Rental Property Repairs Safe Harbor (revisited)
- Repairs Versus Improvements (revisited)
- Rental Property Depreciation (revisited)
- Automobile Deductions with Rentals
- Automobile Decision Tree
- Home Office Deduction
- Real Estate Education Expenses
- 185 Rental Property Tax Deductions You Cannot Take
- Deductions the IRS Cannot Stand
- Cohan Rule For Rental Property Owners
- Reducing Taxes
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- Rental Property Repairs Safe Harbors
- Improvement Versus Repairs
- Rental Property Renovations (Rehab)
- Accelerated Depreciation and Section 179 Deduction
- Allowed Versus Allowable Depreciation
- Qualified Improvement Property (QIP)
- Partial Asset Disposition (PAD)
- 1031 Like-Kind Exchange
- Selling Your Rental Property
- Buying Out Your Real Estate Partner
- Taking The Rental Out of Service
- Changing Depreciation Between 27.5 and 39.0 Years
Introduction Disclaimer
By Jason Watson, CPA
Posted Saturday, August 3, 2024
The information materials and opinions contained on the WCG CPAs & Advisors website and in this book are for general information purposes only, are not intended to constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.
WCG Inc. and Jason Watson make no warranties, representations or undertakings about any of the content of our website and this book (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other website referred to or accessed by hyperlinks through our website and this book. Although we make reasonable efforts to update the information on our site and this book, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date.
Please contact us for additional information or seek the advice of other professionals as it pertains to your unique situation.
I Just Got A Rental, What Do I Do? 2024-2025 Edition
This KB article is an excerpt from our 320+ page book (some picture pages, but no scatch and sniff) which was released September 30, 2024, and is available in paperback from Amazon, as an eBook for Kindle and as a PDF from ClickBank. We used to publish with iTunes and Nook, but keeping up with two different formats was brutal. You can cruise through these KB articles online, click on the fancy buttons below or visit our webpage which provides more information.
Talk to a Real Estate CPA About Your Rental Property
Please use the form below to tell us a little about yourself, and what you have going on with your investments and wealth-building objectives. WCG CPAs & Advisors are real estate CPAs, tax strategists and rental property consultants, and we look forward to talking to you!
We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?
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Shockingly we will return all appointment requests via email with 24-36 hours weather-permitting, or perhaps a phone call (if the moment strikes us). No black holes here! In a hurry, please call us at 719-387-9800 or use our chat service in the lower right corner or the button below.