Hall CPA PLLC

Drive impact with us. On November 15, 2024, join us for our one-day-only free Year-End Tax Impact event.   Designed for real estate investors, here's what to expect: 💥 2025 Market Outlook: Navigating the Future of Real Estate Investing 💥 Post-Election Impact: How the Results Shape Your Investments & Taxes 💥 Strategic Wealth Building: Preparing for Growth in 2025 and Beyond 💥 Year-End Tax Power Moves: Optimizing Your Taxes Before Time Runs Out 💥 Setting Your Books Up For Success: The Future of Your Accounting 💥 Two VIP Sessions 🚀 Click Here to Reserve Your Spot: https://lnkd.in/e-GYxQpt

How to DESTROY capital gains tax when you sell 👇 ➡️ The 1031 Exchange: This strategy allows you to defer paying capital gains taxes by reinvesting the proceeds from your sold property into another property. It's an invaluable tool for preserving capital and leveraging growth over time. ➡️ The "Lazy 1031 Exchange": This strategy actually has nothing to do with a 1031 exchange. Instead, it uses current and previously suspended passive losses to offset capital gains and depreciation recapture resulting from the sale of a property. Consider acquiring another property within the same tax year if your existing passive losses cannot cover the gains. This move can generate additional current losses, helping reduce your tax liability without the hassles of a 1031 exchange. ➡️ 1031 Exchange into a DST: This strategy involves using a 1031 exchange to reinvest in a Delaware Statutory Trust (DST) that holds real estate. It allows investors to avoid the hassles of managing the property directly while still deferring capital gains taxes, making it particularly appealing for those looking to take a more passive approach to their portfolio. ➡️ 1031 Exchange into Mineral Rights: For a more niche approach, this strategy involves reinvesting proceeds into mineral rights. It's an innovative way to maintain investment in real estate-related assets while potentially exploring new revenue streams. ➡️ Qualified Opportunity Funds (QOF): This strategy allows you to defer capital gains taxes by reinvesting gains into Qualified Opportunity Zone Funds. If the investment in the QOF is held for more than 10 years, it's possible to qualify for an exemption on capital gains generated from the QOF investment itself. ➡️ Seller Financing: By financing the sale of your property yourself, you can spread out the tax impact over several years. This provides a steady income stream and can offer tax advantages by receiving payments (and recognizing gains) over time. ➡️ 721 Exchange: Also known as an UPREIT (Umbrella Partnership Real Estate Investment Trust), this strategy allows you to contribute your property into a REIT in exchange for operating partnership units, deferring the recognition of capital gains tax. 👉 Have questions about which exit strategies to use before year-end? 💥 Secure your free spot at the Year-End Tax Impact event: https://lnkd.in/e-GYxQpt

Brandon Hall, CPA, and Thomas Castelli, CPA, CFP®'s much-anticipated book, Short-Term Rental Tax Secrets, has been released. To celebrate, we're selling it for $1 for the first 7 days. This special launch price is our way of saying thank you for being part of our community and supporting the launch of this game-changing book. Click here to purchase and please leave a review: https://lnkd.in/ee2G8r-Y (Email us a screenshot of your review, and we’ll invite you to an exclusive recording of an interview and Q&A session with the authors.)

We're thrilled to welcome Logan Mohtashami to the Tax Smart REI podcast. Don't miss this impactful episode: https://lnkd.in/dsPgBDyz

"Should short-term rentals be reported on Schedule E or Schedule C?" To start, it's important to note that generally landlords want short-term rentals reported on Schedule E. This is because reporting on Schedule C will generally subject the net rental income, if any, to self-employment taxes. To determine whether a short-term rental is reported on Schedule C or E, it will depend on whether or not "substantial services" are provided to guests "primarily for their convenience" during their stay. If the answer is yes, report the short-term rental on Schedule C. If no, Schedule E. But what are substantial services? Substantial services are typically services found in a hotel including, but not limited to: ⏺️ Daily meals ⏺️ Daily cleaning ⏺️ Transportation ⏺️ Concierge services ⏺️ Guest tours and outings ⏺️ And other hotel-like services Substantial services don't include cleaning in between stays, and other regular repairs and maintenance required to keep the property in normal operating condition. If substantial services are not provided to guests while they stay at the property, then a taxpayer would likely have a reasonable basis to report a short-term rental on Schedule E, and they also won't be subject to self-employment taxes. This is backed up by Reg. Sec. 1.1402(a)-4(c) and by two IRS publications. 👉 If substantial services are provided, then an STR will generally be reported on Schedule C. 👉 However, if substantial services are not provided, on Schedule E. 🚀 If you want more questions answered like this, register for our free Year-End Tax Impact event here: https://lnkd.in/e-GYxQpt (And, don't forget your VIP ticket)

🚀 We're #hiring at Hall CPA! Join our fully remote, real estate-focused CPA firm on a mission to change the accounting industry. If you're passionate about delivering exceptional client service and thrive in a fast-paced, innovative environment, we'd love to meet you!

🚀 We're #hiring at Hall CPA! Join our fully remote, real estate-focused CPA firm on a mission to change the accounting industry. If you're passionate about delivering exceptional client service and thrive in a fast-paced, innovative environment, we'd love to meet you!

See you at 4:00 pm ET. 🚀

It's crucial to be proactive. Reach out to our team for help: https://lnkd.in/duCs3E7J

Short-term rental present and future investors (read this): 👇 We will be launching our brand new book, Short-Term Rental (STR) Tax Secrets, written by Brandon Hall, CPA & Thomas Castelli, CPA, CFP® tomorrow at an exclusive webinar. 👏 🎊 🎉 ➡️ Register here: https://lnkd.in/eKPG-Nms During the webinar, Tom & Brandon will give you an overview of the STR loophole, explain how it results in significant tax savings, and answer your questions live. Click this link to register for tomorrow's webinar @ 4 pm EST. 👇