Chapter
Qualifying as a Real Estate Professional for Tax Purposes
56:00 - 59:20 (03:19)
Learn about how certain real estate activities can qualify you as a professional on your taxes and potentially save you money come tax season.
Clips
The speaker suggests educating oneself by watching educational videos, relying on a real estate agent, and seeking advice from professionals like property inspectors.
56:00 - 57:04 (01:03)
Summary
The speaker suggests educating oneself by watching educational videos, relying on a real estate agent, and seeking advice from professionals like property inspectors. The speaker also mentions the tax benefits of hiring a real estate professional.
ChapterQualifying as a Real Estate Professional for Tax Purposes
Episode5-Step Formula To Invest To Retire Early w/ Jaspreet Singh EP 1411
PodcastThe School of Greatness
Despreet Dhillon explains the difference between real estate investing and wholesaling, which is essentially flipping a property without actually buying it.
57:04 - 58:02 (00:57)
Summary
Despreet Dhillon explains the difference between real estate investing and wholesaling, which is essentially flipping a property without actually buying it. While many people consider wholesaling to be real estate investing, Despreet disagrees.
ChapterQualifying as a Real Estate Professional for Tax Purposes
Episode5-Step Formula To Invest To Retire Early w/ Jaspreet Singh EP 1411
PodcastThe School of Greatness
By putting in a lot of effort into your real estate business, you can qualify as a real estate professional on your taxes and potentially save money.
58:02 - 59:20 (01:18)
Summary
By putting in a lot of effort into your real estate business, you can qualify as a real estate professional on your taxes and potentially save money. However, it is important to work with a knowledgeable accountant to ensure legal tax deductions and maximum savings.