Large real estate agent tax write off???

[Jake Mires]

I need to write off about 40,000 in real estate sales income. Does anyone have any tips for larger write-offs that I can take advantage of before the end of the year? I took the entire cost of a new truck last year and I just have a home office. Looking for some ideas besides your basic food, gas, cellphone bill write offs. I have some ground to cover. Let me know if you have any tips! Thanks in advance 

[Chris Shepard]

In 2017 I did a cost seg on a single family home that I was renting and wrote off about 40k in taxable gains.  I have kept buying real estate since then and performing cost segs.  You can perform cost segs on properties that you already own... otherwise start buying long term rentals.

Also look at the "masters exemption", you can rent your house for 14 days and receive income and not pay taxes on it.  You could have your business rent your home from you and create an expense and receive tax free income.

Cheers,