How I Save $$$ On My Rental Properties... — Transcript

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1. 0:00welcome back to taxes made simple today
2. 0:02I want to talk about whether or not you
3. 0:04should be managing your own rental
4. 0:06property and the reason why I want to
5. 0:09talk about this is because whether or
6. 0:10not you choose to manage your own rental
7. 0:12property or you choose to hire a
8. 0:14property manager you're still going to
9. 0:16get a tax deduction but which ones is
10. 0:18more favorable for you and the truth
11. 0:22behind the answer is it depends on your
12. 0:24situation but what I can tell you today
13. 0:26is that there's so many advantages to
14. 0:29managing on rental property so let's say
15. 0:31you decide to manage your own rental
16. 0:32property like many of you already do
17. 0:34chances are you're probably collecting
18. 0:37the rents you're visiting with the
19. 0:38tenants to choose them you might put
20. 0:40together your own leasing agreements you
21. 0:42shut up your own LLC you did all of this
22. 0:44stuff to yourself you're managing your
23. 0:46own asset have you thought about
24. 0:48charging yourself for that are you not
25. 0:51currently charging yourself for that you
26. 0:53don't have a management company and
27. 0:54you're not charging yourself for that
28. 0:56then you are missing an opportunity and
29. 0:58the reason why is is even though you're
30. 1:01paying yourself to manage your own
31. 1:03investment property there's ways to
32. 1:05avoid the taxes associated with paying
33. 1:08yourself why well when you're managing
34. 1:10real estate technically that's a
35. 1:12business right you're showing up you're
36. 1:13collecting rents you're working so
37. 1:15you're earning income for doing the work
38. 1:17if you're paying taxes on that income
39. 1:20through a business then that means you
40. 1:22could take expenses through that
41. 1:24business so all you need to make sure
42. 1:26that you're doing is taking advantage of
43. 1:28all the things that you're already doing
44. 1:30what are some of those things that
45. 1:32you're doing well you could be managing
46. 1:34your property from the convenience of
47. 1:36your home right you might sit at home
48. 1:38and get on the computer to look at
49. 1:40properties you might respond to emails
50. 1:42you might get on the online portal to
51. 1:43collect payments you might even pay for
52. 1:46certain payments for the property from
53. 1:48the convenience of your home are you
54. 1:49taking a home office deduction for
55. 1:51managing your property from the
56. 1:52convenience of your home what about the
57. 1:55vehicle that you get into every single
58. 1:57day sometimes that vehicle is being
59. 1:58driven to the property you might go
60. 2:01check out other properties but this is
61. 2:02your vehicle that you're using to go to
62. 2:04and from this grocery store to and from
63. 2:07Home Depot and different supply stores
64. 2:10to go fix your rental property
65. 2:12the mileage as well as the vehicle could
66. 2:16be a business use and guys now that
67. 2:19we're talking about business and all
68. 2:21these different ride offs what about
69. 2:23your cell phone what about your children
70. 2:26who might be working with you to manage
71. 2:28the property what about the fact that
72. 2:30you can even set up your own retirement
73. 2:32account through your own business
74. 2:33structure and funnel money just to a
75. 2:35retirement account and completely avoid
76. 2:37taxes when you think about managing real
77. 2:40estate there could be tons of advantages
78. 2:42when you think about hiring a management
79. 2:44company
80. 2:45there's tons of advantages it's based on
81. 2:47your situation my goal is to make sure
82. 2:50that we're doing the best most
83. 2:51advantageous strategy based on your
84. 2:54situation and where you're at my name is
85. 2:57Carlton Dennis reach out to me if you
86. 2:58have any questions you can schedule an
87. 3:00appointment for free by visiting my
88. 3:02direct messages or by visiting the link
89. 3:05in my bio I look forward to talking to
90. 3:07you soon
91. 3:07[Music]
92. 3:11you