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I Just Got a Rental, What Do I Do?
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- Chapter 1 Introduction
- Real Estate and Rental Properties as a Business
- Basic Business Entities For Real Estate Investment
- Sole Proprietorship
- Single-Member Limited Liability Company (SMLLC)
- LLC Benefits For Rental Properties
- Multi-Member Limited Liability Company (MMLLC)
- Limited Liability Partnerships (LLP) and General Partnerships (GP)
- Benefits of Rental Property In Partnership Entities
- Summary Of Rental Properties In Partnerships
- Downsides Of Rentals In Partnerships
- 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
- Chapter 1 Frequently Asked Questions
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- Chapter 2 Introduction
- Economic versus Equity Interests
- Structuring Real Estate Deals with Angel Investors
- Loans or Capital Injections
- 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
- Chapter 2 Frequently Asked Questions
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- Chapter 3 Introduction
- Getting The Rental Business Launched
- Rental Property Acquisition Costs
- Real Estate Asset Setup On Your Tax Returns
- Closing Disclosure Items
- Rental Property In Service Defined
- Moving Your Rental Property Into An LLC
- Converting Primary Residence To A Rental
- Chapter 3 Frequently Asked Questions
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- Chapter 5 Introduction
- Material Participation Rules
- Material Participation Audit Tests
- IRS Can Use Material Participation Tests Against You As Well
- What Time Counts For Material Participation
- Time Spent Renovating
- Quick Preview of Qualifying as Real Estate Professional
- Material Participation Time Logs
- Material Participation Time Summary
- Regulations 1.469-9(g) Election
- Material Participation Frequently Asked Questions
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- Chapter 6 Introduction
- Cost Segregation Study
- Cost Segregation Mechanics
- Do It Yourself Cost Segregation Study
- Pushing Your DIY Cost Seg Envelope
- Opted Out of Bonus Depreciation
- Cost Segregation Pitfalls
- Cost Segregation Summary
- Retroactive Look-Back Cost Segregation Study
- Cost Segregation Frequently Asked Questions
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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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- Articles coming soon
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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
Shameless Self-Promotion
By Jason Watson, CPA
Posted Saturday, August 3, 2024
This book originally was a collection of Knowledge Base articles and blog posts that were written to help real estate investors and rental property owners. The unintended benefit was helping our own small business, WCG CPAs & Advisors, grow and thrive through educational marketing. Today, we have 7 partners and over 60 tax and accounting professionals.
Since you probably paid some money for the privilege of being bombarded with shameless self-promotion, we hope you take our comments with a grain of salt (and perhaps some tequila and lime to go with the salt). Our primary focus is to-
- educate you,
- minimize your tax consequence,
- maximize your wealth, and
- keep you out of trouble.
If you read this, arm yourself with knowledge and then ask pointed questions of your current accountant and other professionals, we are completely happy. We have done our job with this book.
Having said that, if you want WCG’s assistance in whatever capacity necessary, from quick second opinions to full-time service, we are also happy to provide that. Want more information? The Epilogue in the back of this book has all kinds of continued self-promotion and supportive material.
Jason Watson, CPA, is a Senior Partner of WCG CPAs & Advisors, a boutique yet progressive tax,
accounting and business consultation firm located in Colorado serving real estate investors worldwide.
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.
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| $19.95 | $15.95 | $12.95 |
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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Appointments are typically held through Microsoft Teams and are scheduled on weekdays during the work day. Yes, we can easily accommodate nights and weekends, but those are reluctantly agreed to after some eye-rolling and complaining. Additionally, our schedules are more compressed during tax season (who would have thought, right?).
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.