Investor Marketing Tip - WALK AWAY from investors
Walk away from all your investor clients and prospects. Tell them you don’t need to do business with them. Your website can do it for you! Just don’t add anything of value to investors onto your website, and they'll never come back to you every 2.2 years. It’s as simple as that!
You can also get closer to all your investor clients and prospects. Tell them why they should do business with you. Your website can do it for you! Just add something of value to investors onto your website - like an "investor resources tab", and give them a reason to keep coming back to you every 2.2 years. It’s as simple as that!
To learn more about how to market to investors, try the real estate marketing tools, property management software, and other money saving tools from TReXGlobal.com. You can also find out more at our next 25 minute webinar.
Last Minute Tax Tip - Collect Rent in Advance to Offset Loss Carryovers
One main benefit of owning rental property is being able report a loss, but some taxpayers cannot take advantage of this tax shelter due to high income loss limitations. Their losses get carried forward, and cannot get deducted until they are offset with future income.
If your rental expenses exceed rental income, and your AGI limitations do not allow you to claim a loss, you can decrease the loss carryover by increasing rental income.
Since rental income is taxable in the year it is collected, rental losses can be offset by collecting rent in advance. By increasing rental income for the year, you have the leverage to deduct more of your expenses.
Everyone's tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
Click here for the other tips. To learn more about saving money on taxes, try the property management software and other money saving real estate software from TReXGlobal.com.
Last Minute Tax Tip - Traveling Away from Home
You can deduct the expense of traveling away from home if the primary purpose of the trip was to collect rental income or to manage, conserve, or maintain rental property.
You can also deduct expenses incurred while staying overnight when traveling for business.
You cannot deduct the cost of traveling away from home if the primary purpose of the trip was the improvement of your property. You can read Publication 463 to learn the specifics.
Everyone's tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
Click here for the other tips. To learn more about saving money on taxes, try the property management software and other money saving real estate software from TReXGlobal.com.
| "OK - I am NOT kidding you about this! Tonight, I worked on the things I learned on your webinar last week... within 3 (yes, 3!) minutes, I had another investor sign up!" |
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Last Minute Tax Tip - Repairs due to Vandalism can be Expensed Immediately
If rental property is damaged by vandalism, the cost of repairing the property to its previous condition is immediately deductible instead of being capitalized and depreciated.
For example, say you replaced an entire window frame on your property. Normally the cost would get added back to the basis and depreciated because windows are a component of the building structure (depreciated over 27.5 years).
However, since the improvement is the result of vandalism, it is treated like a repair, and the costs are deducted in the year the expenses are incurred.
Everyone's tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
Click here for the other tips. To learn more about saving money on taxes, try the property management software and other money saving real estate software from TReXGlobal.com.
RE Investors use TReXGlobal.com's property management software because it helps them save time and money. Our Partner Program allows you to co-brand our web tools and share them with clients for FREE
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In this market, reaching out to investors is more important than ever... Offering free tools on my website (thanks to T-ReX Global) opens the conversation between investor clients and myself..."
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Simplify'em is a property management software that helps investors save time and money on rental properties and taxes. Our Real Estate Partner Program allows you to co-brand Simplify'em, and it's free for you to share with all your clients!
RealTaxTips.com is a forum created by T-ReX for real estate investors, advisers, and tax professionals to share tips and exchange ideas about real estate and taxes. It is a great place for your clients to find out about current tax benefits that are specifically available to real estate investors.
It features user-submitted tax tips, and the community gets to vote for the most useful tips. Users can also comment on each tip, to let other investors know which tips work, and which strategies will get you in trouble. Take a look and see what other investors are doing on their tax returns.
Many of you have had clients with whom you have done a 1031 Exchange. Chances are, you weren't able to assist them with reporting the exchange and minimizing their taxes. We have a tool that allows you to be a specialist in this field.
Reporting income on form 8824 for 1031's can be very difficult, and that's why we created DeferEm.com. Defer'Em can help you account for overlooked costs from an exchange, allowing your clients to maximize exchange expenses and minimize taxable gain. It will generate IRS form 8824 and a supplemental report that provides clients with a visual understanding of all the factors (like “boot”) that played a role in their exchange.
It's free to play around with, so I recommend that everyone who is involved with a 1031 should play around with the application, and become familiar with all the different scenarios in your exchange.
Defer'Em is an especially nice tool because it allows you to walk your client through the application, and visually show them how they can benefit from a 1031 exchange, before they actually enter into any type of transaction.
When a person buys investment property, the only way for them to recapture any of their principal payments (from a tax perspective) is through depreciation deductions. Most investors can benefit from large depreciation deductions.
DepreciateEm.com allows your clients to separate short life assets from their property so they can segment their depreciation, allowing them to maximize tax deductions. It will fill out IRS form 4562 and it will also generate a depreciation report that allows your clients to see the difference that segmenting depreciation can make, and how much additional money they will save.
Do you have any good testimonials that clients have provided you in the past? Be sure to add them here.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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