In this enlightening episode, we delve deep into the complex world of real estate taxation with the expertise of seasoned CPA, Colleen Krcelich.
With her extensive experience, Colleen brings a wealth of knowledge, to the evolution of the paper loss. She takes us back in time what real estate investing was like in the 80's before the passive rules were put in place and how we got to where we are today .
Throughout the conversation, we traverse the historical landscape of real estate tax laws, discussing significant changes from the 1980s to the present day.
Colleen provides a lucid explanation of the Tax Reform Act of 1986, the introduction of 'REP Status' in 1993, and the implications of the 2017 tax cuts, especially regarding bonus depreciation in real estate.
Colleen also sheds light on the intricate details of material participation tests, offering practical insights for real estate investors to navigate these rules effectively.
Her discussion on the complexities of passive vs. active income, and how these classifications impact tax liabilities, is particularly enlightening.
Furthermore, the episode covers strategies for maximizing tax benefits in real estate, including the nuances of short-term vs. long-term rentals, and the importance of understanding IRS regulations to make informed investment decisions.
Colleen's expertise demystifies the complex world of the real estate professional status, providing listeners with actionable advice to optimize their investments and stay compliant with ever-evolving tax laws.
Join us for this deep dive and arm yourself with the knowledge to make smarter, more informed investment decisions.
Want to connect with Colleen?
colleen@bizsupportllc.com
Want to connect with me? Afried@madisoncres.com Facebook Linkedin Text 908-783-1572
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