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 and a final word of advice on maintaining a mileage log for deductions, 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.

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CONNECT WITH KEVIN BASSETT, HIS NEWSLETTER AND LEARN MORE: https://www.bassettcpas.com/

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⏰ 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📒

🎉Join the party, stay informed, access bonus content, the blog, and more: tinyurl.com/CRE-Podcast-sign-up

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📲 Connect with us:

Subscribe to our Youtube: https://www.youtube.com/@commerciallyspeaking 

Follow us on Twitter: @comspeakpod & @bobarronccim 

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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 https://www.barroncommercial.com

Timmy is an actor, comedian, writer and host. You can follow him pretty much everywhere @timmyhartbarron