How do you pay zero taxes? Understand and use the best rental tax deductions for vacation and Airbnb businesses. Tax laws are constantly shifting and to be profitable (or even more) in the rental investments and real estate, you really have to understand the tax benefits of running a rental business.
There are thousands professional and amateur rental investors who pay zero taxes each year because they understand, or partner with a CPA, how to leverage certain tax deductions that are 100% legal that allows them to AVOID paying taxes.
Whether you're starting off, or well on your way, you know I always tell you - keep your credit clean, minimize your expenses, use cash flows to grow AND partner with a good CPA. If you need a place to start, call my guy, Kevin, and tell him I sent you: [email protected]
Here are the 7 best rental tax deductions you can use to significantly reduce your tax burden each year:
1. Qualified Business Income (up to 20%) 2. Depreciation (hands down the best thing) 3. Travel Expenses (how I travel so much) 4. Maintenance (a must to prevent long-term pains) 5. Supplies (have tenants and guests fight over your place) 6. Upgrades (increase your rent and value) 7. Month Expenses (Mortgage, Insurance, etc.)
It's not about the rich getting richer. It's about understanding the game that we are all playing, willingly or unwillingly. Taxes is just a part of life and the game.
Everything listed above is absolutely legal and actually encouraged. And understanding that not only adds value to your community and guests, but also your bank account.
Get yourself a good CPA, read up on these tax deductions for rentals and stop paying taxes you don't owe.
DISCLAIMER: Some of these links are affiliate links and I may get a very small percentage that goes directly to help support the channel. You will not be charged extra for clicking on the links ▬▬▬▬▬▬▬▬▬▬▬▬ CREDITS: https://pastebin.com/KjnLuNth
