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Updated 7 days ago on . Most recent reply

Is it worth tax planning before acquiring rentals?
Is it worth talking to someone to start the tax planning convos if this is my current situation?
1. I do not have rental property yet but intend to buy in 2025. Partner and I are planning to finance it together.
2. My partner and I are not married but we own a primary residence together. We split mortgage and are both on the loan and title.
As of now, I can see tax planning being beneficial to handle 2 people filing as single because we have to figure out how deductions from the mortgage will work. It'll only be more complicated when we acquire additional property.
Most Popular Reply

I'm a financial planner by profession so you'd think the default answer is, "heck yeah, always hire a planner!"
But in reality, for younger people with moderate income, I actually see less benefit to financial planning.
The one aspect I'd say where planning can really provide benefit however is with tax planning.
If you're pretty smart with this stuff, I think can definitely make sense for you two to talk with a tax planner. The intricacies tax planning with a rental are worth hiring a professional, even if you just do it once for an overview. Given that you're not married, that adds some additional complexity.
All this is to say, I believe it would be money well spent for sure...