Top 10 Tax Write Offs for Rental Property: 2024 Deductions

My Top 10 Tax Write Offs for Rental Property. Being a property owner is a great way to build wealth! And I want to make sure that everyone knows the amazing tax deductions for real estate investors. No one is talking in-depth about these tax deductions for rental properties, learn it all here.

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Now before you get started, I just want to clarify that you may hear me use tax deductions and tax writeoffs interchangeably in this video and others.

Guys, its basically the same thing. At the end of the day, what we're trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS.

Alright, so when it comes to tax write offs for rental properties you need to know there is a difference between getting tax deductions as an ACTIVE real estate investor and a PASSIVE real estate investor

Because the IRS treats passive income and active income differently for tax purposes. Lets dive a little deeper into this during the video.

Video Outline for Tax Write Offs & Deductions for Rental Property:

Intro: (0:00)
Tax Write Offs vs Tax Deductions: (1:31)
What is passive income from real estate for tax purposes: (2:22)
What is active income from real estate for tax purposes: (3:00)
Active vs Passive income tax example: (4:15)
Real estate by Income deduction: (4:57)
Write off #2: (5:43)
Write off #3: (6:54)
Write off #4: (8:30)
Write off #5: (9:09)
Write off #6: (10:43)
Write off #7: (11:27)
Write off #8: (12:08)
Write off #9: (12:45)
Write off #10: (13:54)

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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).