Brandon Hall @bhallcpa
Busting influencer tax "loopholes." CEO @therecpa. Host of the Major League Real Estate Podcast. I DIY lattes, pizza, & craft cocktails. linktr.ee/taxmeifyoucan North Carolina Joined March 2011-
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Should the STR "loophole" be outlawed? Basically, a taxpayer with a full-time job/business can: - buy an STR - rent it for an avg. period of customer use <=7 days - materially participate - cost segregate - use losses to offset regular/active income - enjoy large tax savings…
Should the STR "loophole" be outlawed? Basically, a taxpayer with a full-time job/business can: - buy an STR - rent it for an avg. period of customer use <=7 days - materially participate - cost segregate - use losses to offset regular/active income - enjoy large tax savings…
Looks like I'm on this week's new episode of the Major League Real Estate podcast with @bhallcpa where I talk about the state of the market, building a self-managing company, and more. Check it out at the link! podcasts.apple.com/us/podcast/017…
How to sell an AirBnB at a loss, But still have to pay taxes… Let’s say you buy an AirBnB for $600k. Guests book stays and you are happy with your investment. Your tax pro says you should cost segregate the property. This creates a $120k tax loss. You *materially…
Any other tips on how to get audited?
Whenever you are pitched a financial product, always ask: “How do you make money and how much do you make?” That question alone will tell you all you need to know about IB.
Whenever you are pitched a financial product, always ask: “How do you make money and how much do you make?” That question alone will tell you all you need to know about IB.
Every so often, I’ll meet an investor who won’t switch to our firm unless I can demonstrate an ROI. ROI = tax savings I’ll review their returns and find the prior preparer doesn’t understand the passive activity rules and deducted large losses. What’s the ROI of peace of mind?
Surprise tax bill when selling your business. Don’t get caught off guard. Follow Nate 👇
Surprise tax bill when selling your business. Don’t get caught off guard. Follow Nate 👇
#1 way to blow up claiming losses from your STR: Buying an STR at the end of the year and not renting it a few times before Dec. 31, or at all, but claiming the losses anyway. Investors get FOMO and want tax savings at all costs. Massive audit risk.
The short-term rental “loophole” helps high income earners receive large tax refunds. Sometimes in excess of $100,000. But it’s also ripe for abuse. Here are 3 ways investors set themselves up for an IRS audit (and guarantee a loss, back taxes, and penalties): 𝟏.…
Lost a $5k sale last week. Reason? They decided to work with a “more aggressive” accountant. At issue was whether or not this high income earner could qualify as a real estate professional. Qualifying as a REP will save them $100,000+ in taxes. Problem: They work a full…
We are getting more calls than usual for REP and STR IRS audits. Word of warning.
Good example of a tax influencer who doesn’t understand how tax brackets work. The argument: In 2023, $100k of taxable income puts you in the 24% bracket. In 2024, $100k of taxable income puts you in the 22% bracket. You save a ton in taxes!! In reality? You save ~$350.…
Getting free tax advice from social media? You may get what you pay for. I explore one much-touted strategy for @MarketWatch. Thanks @bhallcpa @AccountingAsArt #taxtwitter marketwatch.com/story/tiktok-s…
How small businesses can prevent fraud: 1. Control finance functions yourself as long as you can (software makes it easy) 2. Segregate duties: the person cutting checks should not be the same person approving payroll reports and reconciling the bank account 3. Never share…
How small businesses can prevent fraud: 1. Control finance functions yourself as long as you can (software makes it easy) 2. Segregate duties: the person cutting checks should not be the same person approving payroll reports and reconciling the bank account 3. Never share…
If you need to write off your Lamborghini, lamborghini-talk (dot) com offers top-tier tax advice. Seems real legit, Lee. Real legit.
High-income earners who know how the passive activity rules work are playing 4D chess. Tax losses from side businesses can provide large tax refunds. But if you are merely an "investor" your losses will be trapped by the passive loss rules and carried forward. In the below…
High-income earners who know how the passive activity rules work are playing 4D chess. Tax losses from side businesses can provide large tax refunds. But if you are merely an "investor" your losses will be trapped by the passive loss rules and carried forward. In the below…
You can always build a business around people who can bring in leads. Business development, especially through media, is the highest form of leverage one can have outside of coding software solutions. We encourage our employees to post content and build personal brand. It…
Just for fun… What is the most backward real estate holding structure you can come up with? Mine: S-Corp holding co with owners who don’t want to split profits/losses that own stakes in multiple sub MMLLCs and expensing mgmt fees to a Delaware C-Corp. Plus an offshore trust.
401(k)s and IRAs are scams. They won’t build you a 28,000 addition on your home. Also, Please buy my course.
Can an RV qualify as an "office" and be tax deductible? A business owner tried to make that argument and wrote off: $40,943. But the deduction was disallowed after an IRS audit and Tax Court visit. Here's what happened: The taxpayers owned a marina and, among several toys…
Logan Graf @LoganGrafTax
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286K Followers 230 Following Geopolitical strategist, speaker, author. Free Newsletter → https://t.co/dsuKifpb54 - My latest book and NYT Best Seller - https://t.co/BOfH9I4Wzp…85% That's what I kept reminding myself while running my marathon Sunday. And I was able to PR my marathon to 3:02 from 3:07 (almost Boston, but 60 degrees from start to finish and humidity) (And this post will apply to tax I promise) A recent post from @SahilBloom talked…
Looks like I'm on this week's new episode of the Major League Real Estate podcast with @bhallcpa where I talk about the state of the market, building a self-managing company, and more. Check it out at the link! podcasts.apple.com/us/podcast/017…
@bhallcpa When I hear a client mention that they heard about how tax segregation on a rental can save them tax $$… I always sigh a bit and then explain they are over the income limits for passive losses and the losses will be deferred until there are gains or the property is sold. 😔
@bhallcpa @drmoneymatters ah, bonus dep. greater than S/L? Ok. But the 27.5 prop can't use bonus dep? (I'll confirm) and likely most of the dep. was due to the main structure (although cost segs can get quite...creative). Main point is right though. People seem to always forget about recapture!
Hey physicians, you know that short term rental course to reduce your taxable W2 income that you all get pitched in the various FB groups? This is how it can go very wrong. But they won’t tell you that. Instead it’s all roses. Don’t waste your money on these courses.
How to sell an AirBnB at a loss, But still have to pay taxes… Let’s say you buy an AirBnB for $600k. Guests book stays and you are happy with your investment. Your tax pro says you should cost segregate the property. This creates a $120k tax loss. You *materially…
This is why you never run this strat in a situation where you might be forced to sell.
How to sell an AirBnB at a loss, But still have to pay taxes… Let’s say you buy an AirBnB for $600k. Guests book stays and you are happy with your investment. Your tax pro says you should cost segregate the property. This creates a $120k tax loss. You *materially…
This man is my hero for explaining this so well... there is no "free lunch" in Real Estate unless you're passing the home to your heirs for the step-up in basis, or selling your primary residence (section 121). Learn about depreciation recapture and passive activity loss rules…
How to sell an AirBnB at a loss, But still have to pay taxes… Let’s say you buy an AirBnB for $600k. Guests book stays and you are happy with your investment. Your tax pro says you should cost segregate the property. This creates a $120k tax loss. You *materially…
@bhallcpa This is one of the most realistic examples of real estate that people don't talk about. There are literally dedicated accounts trying to sell you on doing a cost seg so they can charge you a fat fee. The same non-sense with 1031s. Just cause you can, doesn't mean everyone should…
@bhallcpa Trip to Bahamas and outdoor kitchen seems like a great way to use the IRS loan imo 😏
@bhallcpa And depending on the tax brackets you were in when you took the loss vs when you have the recapture you could be upside down by a lot. That depreciation could have brought you down to the 10% bracket.
@bhallcpa When you cost seg it on the way out…
@bhallcpa Why is it at the ordinary income and not cap gains rate ?
@MichaelTannery @bhallcpa Wherewithal to pay!
@bhallcpa Good example. I don't understand why many investors focus on hype they heard about (like cost segregation) instead of focusing on the fundamentals like boosting and protecting sales revenue.
@bhallcpa Before your time and with the 1986 Tacke getting rid of the ability to deduct non-basis real estate deductions. Created a real estate downturn where many buildings were sold at a loss yet the taxpayers had phantom income sometimes 4 to 5 times what they originally invested.…
Podcasting is the new blogging. Everyone's doing it, and you should, too, right? Not so fast, advises @BlakeTOliver trib.al/m8saZv8 #podcast #accounting
I have some bad news about passive losses
@bhallcpa X - where 90% of the %$!@ your read will lead you down a rabbit hole of hell or just plain get you in trouble.
@bhallcpa I just hired an assistant- everyone told me I should delegate. She has a couple years of experience and writes everything down in crayon. She can only work weekends because of preschool. Am I safe?