Use tax benefits like depreciation, repair deductions, and tax-free refinance proceeds to offset income, and consider an LLC for liability protection.

I buy real estate but I carry debt which is actually tax deductible, my money works for me.

So, you get a tax deduction on the purchase price.

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

The deduction is optimized as values increase and can potentially offset the entire net investment (including down payment) for high wage earners.

The IRS disaster assistance page and hotline are key resources for those seeking guidance.One significant benefit for those who have experienced property damage is the potential to claim a casualty loss deduction.

Financing OptionsParent Loan Options: Consider home equity loans, investment property mortgages, or co-signing a loan.Tax Implications: Speak with a financial advisor about potential deductions and capital gains.Rental Income Potential: Explore the option of renting out extra rooms to offset costs.5.

Leverage Tax Deductions:Claim tax deductions for mortgage interest, depreciation, HOA, insurance, and property taxes.

Bonus - the interest on the loan is tax deductible!

Tangible personal property identified in a cost segregation study is what allows you to accelerate depreciation.