Tax Hacks for 2024: Must-Know Benefits for Real Estate Pros | Exclusive CPA Insights

episode

Commercially Speaking Podcast- Commercial Real Estate Investing That Entertains not yet transcribed

▲ 0

Transcript

This episode hasn't been transcribed yet Upvotes decide what gets transcribed next — 0 so far. Sign in to upvote

More from Commercially Speaking Podcast- Commercial Real Estate Investing That Entertains

How to Break Into Commercial Real Estate With No Connections | Daynon Kirby 1h 28m · 21 Jul 2026

Why Hobbycraft Might Be the Most Satisfying Way to Engage Your Creativity Post-50 | Joe Daly 1h 27m · 07 Jul 2026

He Left for Marine Boot Camp a Boy... He Came Back Different | Ben Barron 1h 27m · 30 Jun 2026

The Mindset Shifts That Separate the Ultra-Rich from Everyday Investors | Bob Fraser 1h 2m · 16 Jun 2026

The Human Element in Real Estate Will Outlive AI—Here’s Why | Andie Edmonds, CCIM President-Elect 1h 15m · 09 Jun 2026

All episodes from Commercially Speaking Podcast- Commercial Real Estate Investing That Entertains →

Report any issue

Source

Recorded19 Feb 2024

Publisheranchor.fm ↗

Handlerec:12027042

Show notes

Join Bo Barron, CCIM, and Timmy Barron, ADHD in an enlightening episode of "Commercially Speaking," where they welcome renowned CPA Kevin Bassett to shed light on the lucrative tax benefits available to real estate professionals. With a waitlist extending three years, Kevin brings his expert advice to the forefront, discussing the intricacies of real estate taxation and strategies for 2024. Episode Highlights: The Power of Bonus Depreciation: Dive deep into the current status and future of bonus depreciation and how it significantly impacts real estate investments. Cost Segregation Explained: Uncover the benefits of cost segregation, a pivotal strategy that accelerates depreciation, enhancing tax savings. Defining a Real Estate Professional: Kevin clarifies the IRS criteria for being considered a real estate professional and the tax advantages it entails. Debunking Tax Myths: Addressing the contentious topic of whether the rich receive excessive tax cuts through real estate. Strategic Tax Planning for 2024: Learn about essential strategies for investors and common pitfalls to avoid, including the importance of not letting tax considerations overshadow investment decisions. Optimal Structures for Tax Efficiency: Kevin emphasizes the significance of using the correct structure for different income streams to maximize tax benefits. Opportunity Zones: Explore how investing in opportunity zones can offer deferred and reduced tax on capital gains. The Importance of Meticulous Record Keeping: Kevin highlights common mistakes like poor record keeping that can lead to missed tax reduction opportunities. Culminating with a pop quiz to test Timmy’s and your knowledge, this episode is packed with invaluable tips for navigating the complex world of real estate taxes. Whether you're a seasoned investor or new to the field, "Commercially Speaking" offers a treasure trove of insights to ensure you're leveraging every tax benefit available to real estate professionals. Don't miss out on these expert strategies that could save you thousands. Subscribe now for more wisdom from CRE experts and elevate your real estate investment game. CONNECT WITH KEVIN: https://www.bassettcpas.com/ ⏰Time Code⏰ 00:00 - Start 00:12 - The CRE CPA With A 3 Year Wait List 03:27 - Current Status of Bonus Depreciation 04:58 - Who Is Kevin Bassett, CPA? 07:29 - The Benefits of Cost Segregation 15:27 - What Constitutes a Real Estate Professional? 17:02 - Do The Rich Get Too Many Tax Cuts? 21:02 - Strategies for Investors in 2024 & Common Mistakes To Avoid 21:30 - Don’t Let The Tax Tail Wag The Dog 22:08 - Use The Right Structure For The Different Income Streams 23:09 - Plan Ahead! 26:39 - Examples Of Proper Structure 28:42 - 20% Tax Rate Over The Life Of The Project 29:33 - Opportunity Zones 33:19 - Bad Record Keeping 34:22 - 1099 Deductions 37:31 - Roll Over Depreciation 40:45 - Section 199A 42:12 - Cost Seg Threshold 43:35 - Pop Quiz 54:31 - Final Word Of Advice (Milage Log) 📒Show Notes📒 Subscribe & Listen: Apple: https://podcasts.apple.com/us/podcast/commercially-speaking/id1680750330 Spotify: https://podcasters.spotify.com/pod/show/commerciallyspeaking Amazon Music: https://music.amazon.com/podcasts/ad036303-414c-4e30-9e89-768d30ed3ffb/commercially-speaking 📲 Connect with us: Instagram: https://www.instagram.com/commerciallyspeaking/ Facebook: https://www.facebook.com/commerciallyspeaking Tiktok: https://www.tiktok.com/@commerciallyspeaking Twitter: https://twitter.com/comspeakpod Newsletter: https://barron-commercial-group.ck.page/keep-me-informed Bo is the owner and operator of Barron Commercial Group in Owensboro, KY servicing the Western KY and surrounding markets. For all CRE inquiries visit http://www.barroncommercial.com Timmy is an actor, comedian, writer and host. You can follow him pretty much everywhere @timmyhartbarron

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.