Tax Strategy - W2 Employee, Part Time Real Estate Investor

[Bryce Henson]

Hello all!

What tax strategies can I utilize this year? I am a full-time W2 employee and part-time real estate investor in California. I invest locally and out of state in fix-and-flip and buy-and-hold properties. This year, I will turn my primary residence spare bedroom into a home office. I also plan on making one of my credit cards for business expenses only so I can easily track business expenses. 

What should I charge to my business credit card? Can I write off my gas, Bigger Pockets subscription, cell phone, office supplies? Where is the line drawn as a part-time real estate investor compared to a full-time real estate investor? Maybe a good strategy is to charge all business-related items and refer to a professional CPA at the end of the year.

Does anyone have any tips on record-keeping strategies? I want to set up a system so it is easier for me at the end of the year.

Lastly, if you have any further reading and resources I can learn from please let me know!

Cheers,

Bryce Henson