846: What You Need to Do NOW to Pay Fewer Taxes in 2024
846: What You Need to Do NOW to Pay Fewer Taxes in 2024  
Podcast: BiggerPockets Real Estate Podcast
Published On: Mon Nov 20 2023
Description: If you want to pay fewer taxes or outright avoid taxes in 2024, you’re in the right place. We’re about to give you all the last-chance tax tips and loopholes you can use NOW to pay WAY less in taxes in 2024. All of these are perfectly legal, but many will require some form of real estate investing. Don’t own any rental property yet? Not a problem! You can STILL start planning to pay lower taxes BEFORE you buy! We brought back our two favorite tax experts, Amanda Han and Matt MacFarland, on to the show to share all the last-minute tax tips YOU can use to pay Uncle Sam less and keep more in your pocket. Plus, Amanda and Matt share a tax “loophole” that anyone who makes under $100K per year OR owns a short-term rental property can use to save thousands, if not tens of thousands, in taxes. We’ll also get into common ways anyone can reduce their taxes through retirement account contributions, charitable donations, and more. Plus, the common misconception costing you thousands of dollars in write-offs that you never knew you could take! In This Episode We Cover The one rental property “loophole” that allows you to take a MASSIVE deduction A huge real estate write-off any investor who makes under $100K is able to take  Retirement investing and how boosting your nest egg can dramatically lower your taxes Common real estate write-offs that you’ve probably missed  How to use your home equity for tax-free income AND a big tax write-off  What to do RIGHT NOW to avoid paying taxes in 2024 (and beyond!) And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-846 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices