One of the downsides to investing in real estate while working a regular 9-5 job is that you’re limited in the amount of tax benefits that you can receive from your properties.
🔻 Normally, you’d only be able to deduct your passive losses (depreciation) against your passive income (rent). If your depreciation is higher than your net income from your rents for the year, then you’ll need to wait until the next year to use the deduction.
🏡 But if you’re a real estate professional, you’ll be able to deduct all of your passive income against your active income (commissions from selling properties, flips, etc)!
👩❤️👨 The best part about it is that if you’re married, only one of you needs to qualify as a real estate professional for both of you to get the benefit (as long as you file jointly).
📈 This way, you’ll be able to write off the income from a high paying W-2 job as long as the the other spouse qualifies as a real estate professional!
It’s just one of the many benefits of investing in real estate.
What are your favorite tax savings tips?
✅ ✅ If you want to learn how to start investing to eventually purchase your own property, then check out our latest course, Rental Ready Finances, where we help you fix your money so that you can be a real estate investor in the near future!
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*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites.
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