I have a good friend I would like to introduce you to.
His name is Sam, but most people know him by “Uncle Sam.”
That’s right, Uncle Sam — the good ‘ol U.S.A. Now, most people don’t think of the US Government as their friend, but most people are not real estate investors. If you are, and you know how to treat Uncle Sam right, he’s got some pretty terrific benefits in store for you.
This post is going to dive deep (and I mean DEEP… with over 3,000 words) into the tax benefits of being a real estate investor. But first, the obligatory disclaimer:
I am not a CPA. I’m also not a lawyer, doctor, or your mother. I’m a monkey in a room, frantically typing out words on a keyboard trying to produce Shakespeare. This information, while I’ve spent hours and hours researching, is still just my opinion on what I’ve learned. Please consult with a qualified (and real estate-savvy) accountant before making any decisions.
That said, I did work with Amanda Han from Keystone CPA (my own amazing real estate-friendly CPA) on this article to make sure everything was legit. If you need a CPA for your business, I highly recommend Keystone CPA. They do all my taxes, and my tax-life has become 1,000x easier since I hired them.
Now that we’ve got that out of the way, let’s get into this beast-of-a-post. Extra brownie points for those who make it through the whole thing. And to help, I’ve hidden a secret message in the text that will lead you to my buried treasure on a Caribbean island.
(Okay, that’s a lie. But for those who seek to truly understand these benefits, incredible treasures ARE in store for your future because they won’t be in Uncle Sam’s pocket.)
Let’s get to the list, and we’ll start out with the most obvious one: deductions.