All Forum Posts by: Amanda Han

One way is for spouse to be REP. As long as one person is a real estate professional, you can usually use rental losses offset joint income. This, of course, is not saying I know what his personal strategy is.

Generally your hours working at BP as a W-2 employee would not be part of RE professional hours unfortunately.

For those who are RE professionals, gain on sale of rental real estate is still capital gains and still avoids self employment taxes just the same for those tho are not REPS so there is no downside to being a REP in the example you provided Scott. 

Thanks @Dan H.! This is why it’s so important to engage with a tax strategist for proactive tax planning. You need a personalized tax savings plan to ensure you have the clarity and direction needed to make wealth building decisions every step of the way. 

Thanks @Josh St Laurent!! 

@Marissa Contreras I hope you were able to find someone that fit your needs since you posted this a while back. I don't hop on the forums much myself anymore so sorry for the delay in my reply here.

We have a lot of clients both inside and out of the BP community and you can find reviews of our services online and via our website. CPA/client relationship is definitely is something that needs careful consideration because want to find something that is the best fit for you in terms of risk tolerance level as well as budget.

I just helped BP actually build out a CPA finder page so if you are still looking, check out that page to see service providers that have experience in working with RE investors 
https://www.biggerpockets.com/business/finder/tax-and-financ...

Quote from @Bonnie Griffin Kaake:

@George P.  CPAs/tax professionals are in short supply right now. This especially applies to those that are real estate savvy. Many are not taking new clients and definitely not last minute. This is what @Amanda Han is telling you. I have heard nothing but praises for the work they do. I work with many RE savvy CPAs/tax professionals and you would get the same response from most all of them. Just another reason that investors should not wait until the last minute to get cost segregation studies done or find a new CPA. 

 Thanks for the comment Bonnie! Definitely appreciate all that you do for investors on cost seg as well =)

Quote from @George P.:

I do NOT recommend Amanda Han in California. I called her office, told them I had a tax filing and wanted some help and that my deadline was near. Lot of promise by the woman who answered and promised Amanda would be 'right back' to me. SHE NEVER CALLED. Not a way to treat someone in RE with a deadline

George thanks for your tag here and my apologies if you mis-understood your conversation with my team. Spots for our tax return filing services typically fill up about a year in advance, so we unfortunately are unable to take on last minute prospect requests right before the deadline. Again, my apologies for any miscommunication or misunderstandings that you may have encountered on that part.  

I do hope you were able to find a great tax advisor that is ideal for you and best wishes to your investing success.

For my LTRs, I have also sent in my vote by mail since they typically send it to me in advance. For things that I don't care about, just ignore it. I have also sent my mom (who happens to live there lol) for important in-person votes. 

Yay super excited for our tax strategies roundtable. This is the first time I am putting something like this together and I think it will be very valuable and a lot of fun!

Quote from @Terrell Garren:

Quote from @Tuan Huynh:

@Terrell Garren

Hi Terrell,

Thank you for reading my post.  One of the items that I am able to deduct this year is the depreciation from my rental property. The cost of my rental unit is 263,000 and I am able to  depreciate it over a span of 27.5 years, which is approximately $9,563.63 a year.  There are also bonus depreciation from from Furniture, landscaping, or appliances that can also be applicable.  Home office space, vehicle, seminars pertaining to real estate rental business (so far I have spent $3200 this year), and even business trips.  There are techniques to turbo charge your depreciation through cost segregation as well.  I hope this helps.

Thank you Tuan.  Those are significant items.  However, they are covered in pretty much every thread regarding tax advice on BP.  I guess what I am looking for is the value add from a $2,500 spend. 

Thanks for your questions Terrell! Yes some of the concepts are things that you can learn about online and there are lots of wonderful CPAs right here on BP who share the strategies. Our program is more focuses on how to implement these and other strategies correctly since not all investors "should" do accelerated depreciation or have the same type of legal entity. If your tax advisor is already proactive in helping you create and implement a tax savings plan, you likely would not need to participate in something like our program.