The Real Estate Investor’s Resource

Turning Intentions into Action

Real Estate Investing & Taxes

Investors are often interested in the real estate professional status for tax purposes because having that status allows one to write off greater losses against their income.  Whether or not you qualify for the status depends upon how much time you spend on real estate activities. 

Any time you have a question regarding tax code, you should consult a CPA that is knowledgeable specifically about real estate investing.  Not all CPAs are up to speed on the specific codes that benefit investors, if you are investing in real estate, find a CPA that is. 

It is also important to remember that tax codes are always changing and your tax situation, income and other factors are most likely changing from year to year.  This is all the more reason to have a good CPA that understands real estate investing (and your situation) so that they can solve the good old tax code for you!

Choose where you want to specialize and spend your time.  In other words, don’ try to know and be an expert at everything in your real estate investing business.   Unless you have a true knack for studying and understanding tax code, this is one area that is best left to the professionals.

January 17, 2008 - Posted by | Uncategorized

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