How To Legally Write Off Your Home!

Well, it's not only possible, but the wealthy have been reaping these benefits for years. Today, we're diving deep into a game-changing topic that could transform the financial landscape of homeowners everywhere. In this episode, Carter peels back the curtain on two powerful strategies—house hacking and renting out storage space—that can turn your home from a financial liability into a lucrative asset. Whether you're an entrepreneur or a W-2 employee, these methods can help you achieve significant tax savings and generate additional income. Tune in as we explore how to implement these strategies in your life for 2024. Don't miss out—your journey toward tax-free living starts now!

[shay-shayhandlestolenbyyt]

Great tips!!! You're a true gem!!

[IanGalloway-lj]

Question…let’s take your idea a step forward. Start a LLC as a property management company, put property into LLC, then rent property out (to yourself or to a family member like child) set rent $100 more then monthly mortgage plus expenses (utilities) be sure to include all utilities in calculation into lease. Now everything is 100% tax deductible and you have a profitable business that earns about $1200 yearly that you will report as income but now your tax write offs are all the expenses of owning a home.

[MrsJones-nkgx]

Love this episode! As a fellow CPA and rental property owner, I totally agree with you on the points you made regarding the tax deductions on the portion of your home used for business purposes. Other deductions that are frequently overlooked by tax fillers are depreciation, home office and business use of one's vehicle. Thanks for sharing this info - I just became a new subscriber - Keep up the good work!!!

[ayarborough]

Thanks for the mind changing info. Imagine buying a house and removing the toilets and sinks, putting keypad locks on each door, including bathrooms, and renting each room for storage space. No rehab, no fixing toilets, and possibly grossing more than having an actual renter. Thanks Bro for this info

[shericontrary]

I did this when I was in college back in 1995. I had just gotten divorced and my real estate agent found a duplex. I used the Pell grant to pay for my classes and I had a work-study job. I paid $55, 000 for the house and sold it in 2007 for $260, 000. Unfortunately, the next house I bought lost value after the stock market crash of 2007/2008. Then I became disabled because of a work incident. I bought 3 mobile homes and renovated them over 5 years. That was not profitable. I plan to retire part time in 2 years and buy a travel van. So that's my story.

[MissizLewis]

At the 7:30 mark you say one thing and display the opposite on the screen 🤷🏻‍♀️

[susierobinson]

Praise God 🙌 🙌 🙌!!!
Information is very informative and true.
Thank God 🙏 for you!
God Bless!

[dmiles]

Thank you 🙏🏾 for posting. I have a couple more questions about V.A. loans.

[BosseInTheGarden]

bruh, I'm white, and I love your shirt. Glory to God

[gmog]

What if I have 5bedrooms andI am renting

[islandgirl]

Okay, I am here, hope I can understand.
H&R Block won't itemize for me.

[zubazzkodine]

You didn’t tell anybody they must report the rental money they receive as income

[myththelegend]

Don't make deals with the devil....I mean the IRS.😂😂

[Tori-jwrx]

Does it apply if I rent out one of the rooms in my home?

[TheORIGINALLadyJoJo]

Hi Sir,

The Master Class Link was not visible to me, could you share it once again?

Thank you!

[ambermichellenope]

Bus but make sure u end up with a profit after three years. If u have 5 or 4 years in straight losses I think the could audit and call it a hobby. Not sure but. Also I thought renovations were only if u added value to the property? I thought regular west and tear u could not.
I’m a long way from learning all this. Just subscribed. So much they won’t tell u n school!…

[joannelindsay]

One thing in my state FHA is for single family home loans, if it is a multi family home they will not finance it.

[lisalisa]

Do you have to create a business license and insurance

[TESSALACOMBATTANTE]

Jams tham boom about the basement storage. Thank you Sir

[MrWeb-dev]

The standard deduction is the same as a tax write-off