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Offsetting W2 Taxes with Real Estate Investment - 2024 Strategy & Filling
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Offsetting W2 Taxes with Real Estate Investment - 2024 Strategy & Filling
We have two properties under separate LLCs in MO. One is a 4-Plex under a 2-member LLC (My wife and myself) which we closed in Jul 2024. The other is SFR under a single-member LLC (my wife) which we closed 5 years ago. We also have W2 incomes. We are looking for a CPA who is well-versed with real estate tax laws and strategies that can help offset our W2 taxes with our investments and can also file our 2024 taxes. Thanks. I'm sure you will find some volunteers promising to know tax secrets (but unable to deliver them later). And soon this thread will be full of enthusiastic statements and discussions of cost segregation, retirement plans, and whatnot. So, before the cheerleaders come, let me give it to you straight. If all of the below is true in your case: - Both of you have full-time (40 hrs) W2 jobs - Your jobs are not in real estate companies where you are a part-owner - Your combined income is above $150k - Your properties have long-term tenants (as opposed to AirBnBs) - You have no other real estate businesses then you CANNOT offset your W2 incomes with your rentals. All of those juicy hypothetical benefits are out of reach to you. You will need to change one of the above factors to unlock these benefits: invest in something different like STRs, quit your job and become a real estate agent instead, etc. And now let me leave before the party starts. The "sure, you can save many thousands with a smart strategic CPA" battalion is on the way already. Open the door. They are going to tell you what you want to hear. The sad fact that it won't work for you is a minor inconvenience.
Struggling to find reliable real estate advice? Join over 3 million real estate investors to build connections, learn from others, and share your journey — all for free! Take Your Forum Experience to the Next Level Create a free account and join over 3 million investors sharing their journeys and helping each other succeed. Curious to see who's interested in your profile? Unlock your views with Pro Connect with others Pro Members Get Full Access! Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success. Advanced networking features Market and Deal Finder tools Property analysis calculators Landlord Command Center Annual Save 16% $32.50 /mo $390 billed annually Monthly $39 /mo billed monthly Start 7 Day Free Trial 7-day free trial. Cancel anytime.
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We have two properties under separate LLCs in MO. One is a 4-Plex under a 2-member LLC (My wife and myself) which we closed in Jul 2024. The other is SFR under a single-member LLC (my wife) which we closed 5 years ago. We also have W2 incomes. We are looking for a CPA who is well-versed with real estate tax laws and strategies that can help offset our W2 taxes with our investments and can also file our 2024 taxes. Thanks. I'm sure you will find some volunteers promising to know tax secrets (but unable to deliver them later). And soon this thread will be full of enthusiastic statements and discussions of cost segregation, retirement plans, and whatnot. So, before the cheerleaders come, let me give it to you straight. If all of the below is true in your case: - Both of you have full-time (40 hrs) W2 jobs - Your jobs are not in real estate companies where you are a part-owner - Your combined income is above $150k - Your properties have long-term tenants (as opposed to AirBnBs) - You have no other real estate businesses then you CANNOT offset your W2 incomes with your rentals. All of those juicy hypothetical benefits are out of reach to you. You will need to change one of the above factors to unlock these benefits: invest in something different like STRs, quit your job and become a real estate agent instead, etc. And now let me leave before the party starts. The "sure, you can save many thousands with a smart strategic CPA" battalion is on the way already. Open the door. They are going to tell you what you want to hear. The sad fact that it won't work for you is a minor inconvenience.
Struggling to find reliable real estate advice? Join over 3 million real estate investors to build connections, learn from others, and share your journey — all for free! Take Your Forum Experience to the Next Level Create a free account and join over 3 million investors sharing their journeys and helping each other succeed. Curious to see who's interested in your profile? Unlock your views with Pro Connect with others Pro Members Get Full Access! Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success. Advanced networking features Market and Deal Finder tools Property analysis calculators Landlord Command Center Annual Save 16% $32.50 /mo $390 billed annually Monthly $39 /mo billed monthly Start 7 Day Free Trial 7-day free trial. Cancel anytime.
#J-18808-Ljbffr