I do not want to invest in another property.Any ideas how I can reduce my 2024 taxable income?

This can reduce your taxable income and save you money on your taxes.Here are some of the key benefits of donating appreciated securities to charity:Maximize your charitable impact.

If done right, this strategy could let you offset a significant portion of the construction costs against your taxable income

Distributions from an LLC are not a taxable event.

You do need to be REP or have STR to use the losses from rentals to save your taxes.Since you started renting your single-family home in 2021 and just bought a duplex in 2024, you can use depreciation to reduce your taxable income.

Most of my wealth is in retirement savings, a taxable investment account, and my house.

Plus, you get to depreciate the properties by 3.3% a year on your taxes - saving you $26k-40k of taxable income as well… all while your tenants pay down your mortgage with their money.  

Does anyone have advice regarding doing a 1031 exchange, where the goal is to take title back as an individual and dissolve the LLC that the relinquished property was held in (without triggering a taxable event)?

When did you enter, what type of property, what is the goal, where would you place the gains, what are taxable events associated with the exit, and more. 

Unlike holding real estate, where you can take advantage of depreciation to lower your taxable income, fix and flips don't offer those same tax perks.