Rental Property Tax Deductions Passive Income Tutorial | The Ultimate 1 week ago   10:43

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Rental Property Tax Deductions

My mentor in real estate investing once said "if you invest in real estate and you're paying taxes then you're doing it wrong." In this video we are walking through ten tax deductions that you can take today if you're a real estate investor.

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Comments 166 Comments

JustEDMs
Can car insurance be written off?
Carlos Lercari
AWESOME VIDEO! THANKS!!
Calling Zion
LEGEND! Great Video! Do i need an LLC in order to offset my 9-5 Job taxes?
Melissa Rowe
When purchasing through Morris Invest, can the initial rehab costs be counted as a deduction for the investor?
Brian Steven
Question: Does one has to have a business/LLC in order to claim these deductions?
Dior DiorDior
How or where do we look up tax codes?
Flipping With Sean
Love this thank you!
Gavin Wade
Could you please do a similar video looking at UK tax for property? Thanks
Kevin rodriguez
Do these deductibles work if you're not active with your rental property? Can I apply these if I'm passive such as just hiring property management to do all the work?
Jimmy Huynh
This video is great.. i am just got my first rental property.. but its in escrow.. can i deduct the expense cost prior to it closing? Property is in another state so therefore i need to fly in
Dub Yuh
i live in kansas city and there are some nice looking duplees for 110-140k that look very nice in a suburban area, i dont have much money to put down but i could do a first time home buyer right? I have good credit etc, how much do you think I should save up before buying/looking for one? Live in one rent out one
jay c
Hate taxes..great info..thanks!
denalikid72
Extremely valuable information. Would you care to share a preferred accountant? His or her location doesn’t matter if they are worth it and knows the business they can have my business. Thank you again for all of the informative videos!
Roger Evans
So if I do the labor on the repair how do I get to write it off?
MILLIONS IN MOTION
Do your real estate accountant have a website etc?
Ian Elbert
So if you can write off insurance and property management expenses does that mean you don’t have to factor those into your roi at all?
Randy Martens
Slightly off topic but can you do a video on buying real estate with high property tax rates or do you just avoid them altogether?
Stephen Shelton
The mileage credit is ridiculous! For example, I know people who use a service to accept rent and of course there's a fee. I have 3 local properties so I can drive, pick up the rent, and stop in the place I was undoubtedly going to drive to anyway for lunch because it's on the way. Now instead of paying a service 2% or 3% I get all of the money, an opportunity to visually inspect the property (last time on one I realized I need to clean the gutters), and the drive itself becomes a profitable trip at tax time.
Sally Victor
Incorrect information! For example: a new roof is NOT a repair and therefore NOT deductible. .
A new roof is an improvement (Morris even used the word "improve" when referring to the roof. (around the 4 minute mark) Long distance travel to visit your properties, you canNOT deduct meals 100%. Meals are only 50% deductible. Travel in your car to your rental properties: you can NOT claim both mileage and gas expenses.
TheFNASSHOLE
Do you have an opinion on mobile home rental investments and stick built homes?
I just recently started with my own rentals but my dad has a large mobile home park with 100 lots and 42 homes are his And the ROI is really really good.

The reason I ask is because I know that mobile home value drops very quickly but at this point it doesn't concern me because the ROI is so high and I have worked with my dad on buying and selling mobile homes and my repair costs are extremely low.

But I am looking into investing on more rental homes And would like to know your opinion.

After Deducting for 40% From my gross income for taxes repairs and God knows what, My ROI is 49% on one home and 48.5% on the other.
And both homes are debt free at this point. I paid $8,000 on one and $9,000 on the other and one brings in $600 and the other is $550 per month.

But when it comes to re-investing the only downside I have run into is that the mobile homes can only offer me a laughable amount of collateral.

If it were stick built I could use the homes as collateral to keep re investing and having higher value assets in the long run. But the ROI on stick built homes is very low compared to Mobile homes.

Would you keep buying cheaper mobile homes with high ROI's or would you mix stick built homes into that portfolio to have appreciating assets like stick built homes?
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Passive Income Tutorial | The Ultimate Rental Property Tax Deductions 1 week ago   1:08:27

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