No Tax Advantages for New Investor?

[Travis Kumar]

BP community,

I have been following BP forever, and purchased my first rental property in May of 2024. On the hunt for a second. Now that I am seeking tax pro's through BP portal, I am hearing that there are NOT mechanisms to offset my W-2 income because it is a mid-term rental, and I make over 150k. I have heard so many times that there are "tax benefits" and "offsetting w-2 income" as one of the advantages of real estate and feel a a bit frustrated.

I lived in the property and completed most of the rehab myself, now its ready to rent. I was seeking counsel for best way to set up LLC and to take maximum advantage of 2024, only to learn not much can be done.

I have been tracking every expense thinking that part of the reason was for some sort of tax impact. Should I seek other opinions or have others found that in the fine print, there really isn't much at first? 

Also, what "tax advantages" or "offsetting w-2 income" are folks mentioning on so many BP episodes as an advantage?

Staying positive because I know the benefits, and I am committed. Hoping for some insight. Thanks all!