Education starting out on the tax side

[Stephen Rager]

Just starting out, I've purchased two properties, putting them into place as rental properties.  I'm looking for resources to maximize our tax deductions.  I also have a small business as well, but this is different. We run tight books with our businesses and it's really paid off by legally deducting what we can.  I see the same benefits from real estate.  Our accountant is pretty savvy, so that's one resource, but that's an expensive per hour pay, which I don't mind.  I generally, do a bunch of research on my own, then write up questions in advance, which I take to him for about 1 hour at a time.  Can you all recommend books, articles, or webinars?  I see lots of articles, posts on here but not a lot of archived videos or podcasts related to this topic for newer investors. 

I will say this, being a business owner, tax consequences are huge if you're not mindful.  As well as the extra taxes you will pay if not tax savvy. 

[Curt Smith]

@Stephen Rager buy the most recent BP book advanced tax strategies.

I read it, its very good. 5x better then prior tax books. Covers current tax changes.

For buy and hold 1st year of inservisce, you have an op of more expensing by tweaking the in service date to much earlier then day tenant moved in or post last rehab step.

Theres a bp thread. Its controversial.

It's the only tweak in the very simple and std sched E tax calc. True 179, 199a, bonus depreciation sound complicated but not really.

This new book covers all topics except creative tax strategies like in service date tweaks. It does cover cost segregation which some accountants are now offering for SFRs for Aprox $400. Read why cost seg might help your tax scenario. It's not an always do it tactic.