402. The $512K Tax Cap Most High-Income W-2 Earners Don’t Know About copertina

402. The $512K Tax Cap Most High-Income W-2 Earners Don’t Know About

402. The $512K Tax Cap Most High-Income W-2 Earners Don’t Know About

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 You qualified for real estate professional status or you’re running the short-term rental strategy, and your depreciation losses are offsetting your W-2 income. Then you hit the excess business loss (EBL) limit, which caps those losses at $512,000 for married filing jointly and $256,000 for single filers. In this Tax Smart REI podcast episode, Tom and Nate explain who it affects and why. Losses over the cap don’t disappear. They carry forward as a net operating loss that can offset up to 80% of your taxable income in later years. They also explain why this works best as a multi-year plan and why you should work with a tax advisor instead of doing it on your own. Be the first to hear about our new offering: https://www.therealestatecpa.com/join-the-list/ Request a consultation from Hall CPA at go.therealestatecpa.com/taxsmart Join the Hall CPA Team: go.therealestatecpa.com/team Submit your question for Tom & Nate: go.therealestatecpa.com/question The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.
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