How to (not) mess up a new RE investor's tax return
First-time investors (and most tax preparers) tend to fall into one of the two traps: either they miss valuable tax deductions and overpay the IRS - or they report their business incorrectly and end up in IRS trouble. Which of these two problems do you prefer? If you answered "neither" - then this eye-opening class is for you!
Some of the topics we will cover:
- What income is taxable in REI business
- What expenses are deductible
- Schedule C vs Schedule E
- Expenses in the first year of business
- Taxation of sold properties
- Commonly overlooked deductions
- Hidden tax traps and Internet myths
- and more
Notice: this is an introductory class, and no prior knowledge of taxes is needed. However, we will not get into the advanced topics of taxation, such as creative strategies, loopholes or business entities. Also, this is not a "how to prepare your own tax return with TurboTax" class. You will learn important rules and practical tips, but it may not be enough to prepare a good tax return yourself.
Michael Plaks, known as the "Black Belt in Real Estate Taxation", is the ultimate expert. He operated his tax preparation company, REI Tax Firm, since 1996, serving exclusively real estate investors. Michael is a federally licensed Enrolled Agent (EA) who has defended dozens of his investor clients from the IRS. He is also a best-selling author and an award-winning speaker.