Top 10 Tax Write Offs for Rental Property: 2024 Deductions

My Top 10 Tax Write Offs for Rental Property. Being a property owner is a great way to build wealth! And I want to make sure that everyone knows the amazing tax deductions for real estate investors. No one is talking in-depth about these tax deductions for rental properties, learn it all here.

Now before you get started, I just want to clarify that you may hear me use tax deductions and tax writeoffs interchangeably in this video and others.

Guys, its basically the same thing. At the end of the day, what we're trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS.

Alright, so when it comes to tax write offs for rental properties you need to know there is a difference between getting tax deductions as an ACTIVE real estate investor and a PASSIVE real estate investor

Because the IRS treats passive income and active income differently for tax purposes. Lets dive a little deeper into this during the video.

Video Outline for Tax Write Offs & Deductions for Rental Property:

Intro: (0:00)
Tax Write Offs vs Tax Deductions: (1:31)
What is passive income from real estate for tax purposes: (2:22)
What is active income from real estate for tax purposes: (3:00)
Active vs Passive income tax example: (4:15)
Real estate by Income deduction: (4:57)
Write off #2: (5:43)
Write off #3: (6:54)
Write off #4: (8:30)
Write off #5: (9:09)
Write off #6: (10:43)
Write off #7: (11:27)
Write off #8: (12:08)
Write off #9: (12:45)
Write off #10: (13:54)

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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[guneetchadha]

Great video with valuable content.

Thanks for sticking to the point and really appreciate the text graphics that highlight key examples of these write off's. Keep'em coming 👍🏘🏡

[cd]

That $500k and above detail always gets left out. It's a massive detail for the vast majority of people. Thank you for giving the details.

[sreevandana]

This is excellent info here. Few things are completely new for me and few things got clarified. Thanks 😊👍

[raymondlai]

Thank you. I think the contents you people made are great!

[Spud_E_Buddy]

This video was gold…thank you! I’ll be reaching out to you in January when I start my LLC and look to acquire my first property.

[adrianacardenas]

I just found your videos. And they're amazing! So, so helpful! Thank you so much for this great information.
God bless you.

[pinkribbonskies]

This is great, id love to see more videos in the future diving more into this specific topic.

Thank you so much for this!!

[breew]

As someone who is learning about real estate investing, this was a great break down of what expenses and write offs I should track. Great job! 👍🏾

[LoL-Olaf]

I just found this channel and just wanted to say this is awesome! I just finished my undergrad in accounting and working on my masters in accounting now!

[JourneyVitality]

Thank you, this is the best video on YouTube about Selling A Rental. Thank you for putting all this information together.😊

[ilovemyindia]

Very informative. Thanks for sharing it👍

[adrianamiamirealtor]

Thank you so much, that was very clear and educative.

[ashoksharma]

Excellent presentation. Needs to stress that for Real Estate Professionals (active income), the losses are deductible against other (non-real estate) earned income. Also, need to file 1099-NEC forms for all vendors (and mail them a copy) paid over $600 per year to be able to deduct the costs on schedule E. It is of advantageous to breakdown (like in the miscellaneous section Schedule E at the bottom) some expenses like Trash, Pest Control, Lic instead of a large amount.

[PoorBoy.]

Very good and informative video. Thanks!

[godbyjrotc]

Wow, I've been looking for videos talking about depreciation on capital expenses. Very well described. I'm an AirBnb landlord (most likely passive) and I've found that I'm not eligible for Section 179 deductions and total deductions under the Tax Cuts and Jobs Act. This is interesting stuff.

[cw]

Great information for me as a homeowner who is renting out property. Thanks.

[kishoregunda]

Thanks for the video and information you shared....I bought a rental property last year and bought and installed ceiling fans and Washer/Dryer - is it some thing I can deduct including labor expenses? Also I heard we can deduct appliances depreciation for upto $5000 for just 1 year - can you elaborate on these?

[riobori]

God bless you and your company. I watched some of your videos. The knowledge your shared enrich my life. I hope you become very successful beyond your wildest dreams. Not sure how you got 3 dislikes by the way.

[constancereed]

Thanks for information I had no knowledge of

[timtierney]

I have a quick question: Does the stepped-up-basis apply to inherited rental property? Asking about all rentals in general and residential rentals in particular.