W2 Employees: #1 Way to Pay Less Taxes (STR Loophole)

Are you a high-paid W2 employee, working 9 to 5, uninspired, and looking for financial freedom?

The traditional method of saving and maxing out your retirement accounts WORK - but not NEARLY FAST enough - so hear me out:

On this channel, we only focus on THE MOST IMPACTFUL concepts that significantly move the needle toward financial freedom WHILE YOU’RE STILL YOUNG AND ABLE TO ENJOY IT:

—— Description of the video —————————————
The Short Term Rental Loophole is probably the best strategy that I've heard of for W2 Employees to pay fewer taxes in 2023.

0:00 Introduction
0:27 Three Steps to financial freedom
01:42 The best tax strategy in 2023 for W2 Employees
03:10 STR Loophole Deep Dive
06:07 Passive vs Active Income
07:55 3 Rules for an Active Business
10:35 How much taxes could you save?
11:19 Three FAQs
14:14 Conclusion - schedule a call with me!

—— My Personal Tax Strategist ——————————————————

—— ☎️ SCHEDULE A 1-1 STRATEGY CALL ☎️ ————

—— 📚 FREE RESOURCES 📚 —————————————

—— FOLLOW FOR MORE ————————————————

—— DISCLAIMERS & DISCLOSURES ——————————
This content is for educational and entertainment purposes only. Michael does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

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[xooq_]

Haha ok but don't forget to tell the folks about mandatory recapture taxes at time of sale

[jeffmeyers]

Michael, active losses are capped around $25k/yr depending on your MAGI. The 3 loss categories are Passive losses (can only offset passive income), Active losses (capped at $25k/yr), and REP (no limits). So, the short term rental means it's an active loss, but since it's capped at $25k, we can't use the full deduction in one year like you said. So at 20% rax rate, I had to spend $100k/year to save $5k/year in taxes. Which brings me to my next point, where you said to reinvest the savings to buy more property and "buy until you die". Ok, so next year I buy a $5, 000 property and save like $500? Then the third year I buy a $500 property? Make it make sense to a noob like me.

[susevelyna]

Great video. I live in NYC where the host has to live in the same house with the guest. Could I still use this loop hole for my one family house where I do Airbnb with two rooms?