If you've considered attending a cruise that relates to your business-you won't want to miss this episode. Learn the ways you can and can't write off a cruise as a business expense. Facebook Group for Tax Professionals Facebook Group for Real Estate Investors [00:00:00] [00:00:00] Welcome to Real Estate is Taxing, where we talk about all things real estate tax, and break down complex concepts into understandable, entertaining tax topics. My name is Natalie Kolodij, I'm your host, and I am so exc...
Oct 03, 2024•21 min
Join me as I dive into two real estate focused Tax Court cases from summer of 2024. There's always something interesting to be learned when it comes to court cases. Facebook group for Real Estate Investors Facebook group for Tax Professionals TC Summary 2024-17 TC Summary 2024-13 [00:00:00] Welcome to Real Estate is Taxing, where we talk about all things real estate tax, and break down complex concepts into understandable, entertaining tax topics. My name is Natalie Kolodij, I'm your host, and I...
Sep 26, 2024•21 min
Anyone with a 1065 Partnership or 1120-S S-Corporation should have bookkeeping in my opinion, but if you don't...this episode is for you. This is your head-start on getting everything together for your tax professional to file your 2024 business tax return. Facebook Group for Tax Professionals Facebook Group for Real Estate Investors Introduction [00:00:00] Welcome to Real Estate is Taxing, where we talk about all things real estate tax, and break down complex concepts into understandable, enter...
Sep 19, 2024•30 min
September 16th is the filing deadline for S-Corporations and Partnerships that filed for a 6-month extension. In this episode we'll discuss what creates those entities, some options if yours may be late, and a few other nuances to make this week a little easier. Facebook Group For Tax Professionals Facebook Group For Real Estate Investors IRS List of Qualified Disaster Areas Rev-Proc 84-35 Introduction to the September 15th (16th) Deadline [00:00:00] Hello. Hello everyone. And welcome to today's...
Sep 12, 2024•18 min
Examples of the 121 Exclusion which showcase how small changes, can lead to huge tax impacts. In this episode of 'Real Estate is Taxing,' host Natalie Kolodij breaks down the intricacies of the 121 exclusion, which allows homeowners to exclude a significant amount of capital gains on the sale of their primary residence. . She details various scenarios to highlight how specific timelines and conditions—such as rental periods, military duty, and temporary absences—affect eligibility for the exclus...
Sep 05, 2024•27 min
3 Common Mistakes When Issuing 1099 Forms Episode 17: Hiring Your Kids: Tax Savings Strategy Or Really Risky Move https://www.natalie.tax https://www.incite.tax In this episode of 'Real Estate is Taxing,' host Natalie Kolodij breaks down the three common mistakes made by business owners when issuing 1099 forms. She discusses the misclassification of children employed in the business, the obligations of landlords operating rental properties, and the incorrect issuance of 1099s to owner shareholde...
Aug 29, 2024•13 min
Maximize Tax Benefits by Employing Your Children: Key Strategies and Pitfalls https://www.natalie.tax https://www.incite.tax In this episode of 'Real Estate is Taxing,' host Natalie Kolodij delves into the strategy of employing your children in your business. She outlines the numerous benefits, including significant tax savings and the opportunity to fund a Roth IRA at an early age. Natalie also discusses crucial compliance requirements to avoid costly mistakes, such as treating the children as ...
Aug 22, 2024•27 min
How much should you be paying a tax professional? Share your thoughts on Facebook: Real Estate Investors: https://www.facebook.com/groups/REIKnowledgeVault Tax Pros: https://www.facebook.com/groups/realestatefortaxpros Share your thoughts on IG: https://www.instagram.com/re_tax_strategist/ In this episode, we delve into the complexities of determining the cost of tax preparation and planning. Using a real-world example where someone faced a significant tax bill, we explore the core factors that ...
Aug 15, 2024•28 min
Why Purchase Price Doesn't Matter When Deciding If You Should Do A Cost Seg Tax Professionals- https://www.incite.tax/ In this episode of Real Estate is Taxing, host Natalie Kolodij delves into the complexities of cost segregation studies. She explains what they are, their benefits, and crucially, when they should be considered by real estate investors. With detailed analysis, she outlines different scenarios, including how depreciable value and income levels affect the decision-making process. ...
Aug 08, 2024•22 min
When Renting Real Estate to your S-Corp leads to a deficiency $500,000+ The Gregory and Laura Schnackel Tax Court Saga: A Tale of Extravagance and Deception Taxnotes Case Review: https://www.taxnotes.com/research/federal/court-documents/court-opinions-and-orders/no-deductions-28000-month-condo-no-business-purpose/7kjhl Are you a tax professional looking for an online community focused on growing technical knowledge? Where all responses require a citation? Check out Incite! InCite Tax Community: ...
Aug 01, 2024•28 min
Sign Up For 4 Websites To Earn Free AA Miles: AAdvantage Shopping Portal: https://www.aa.com/web/i18n/aadvantage-program/overview.html Simply Miles Portal : https://www.simplymiles.com Shell Fuel: https://www.shell.us/motorist/ways-to-save/american-airlines-teams-up-with-shell-and-the-fuel-rewards-program.html Surveys For Miles: https://www.milesforopinions.com Unlocking Free American Airline Miles: Simple Hacks and Tips In this episode of Real Estate is Taxing, host Natalie Kolodij shifts gears...
Jul 25, 2024•24 min
Understanding Authority Hierarchy in Tax Did you know the IRS isn't actually who makes tax laws? And IRS Publications aren't actual Authority? Let's find out who does and what is. From Congress-created laws in the Internal Revenue Code (IRC) to U.S. Treasury regulations, court case rulings, and IRS publications, she explains the hierarchy and reliability of these sources. She emphasizes the importance of basing tax positions on substantial authority rather than simplified IRS guidance or social ...
Jul 18, 2024•22 min
Mid-Year Tax Check-Up: Adjusting Your Withholdings It's July! Time to review your paystub while you may be only halfway off track. Drawing from a real case where a client's withholding dropped significantly due to changes in income and bonus structure, the episode offers a reminder to check the percentage of taxes being withheld from your pay. It advises taking a close look at recent pay stubs and the updated W-4 form to ensure accurate withholding, especially if any changes in employment or pay...
Jul 12, 2024•7 min
Join me as we debunk some of the most common myths & misconceptions around taxes. 1. Myth: Tax Return and Tax Refund are Interchangeable These two terms are often confused, but they are not the same thing. A tax return is the form you fill out and submit each year, like the 1040 form for most people. A tax refund is money you get back if you overpaid your taxes. Many people mistakenly say they're waiting on their tax return when they mean their refund. 2. Myth: You Need a License to Prepare ...
Jul 11, 2024•23 min
Avoiding Accidental Partnerships in Real Estate **Correction** : Hey everyone! I misspoke in this episode. The guidance on rev proc 84-35 references the old consolidated audit procedures that impact older returns. The CPAR (Consolidated Partnership Audit Regime) that impacts current returns does NOT impact the ability to use Rev proc 84-35 for late relief. InCite Tax Professional Community: https://www.incite.tax/ Facebook for Tax Professionals: https://www.facebook.com/groups/realestatefortaxpr...
Jul 04, 2024•27 min
Understanding Short-Term Rental Tax Loopholes: Key Court Cases and Revenue Rulings Natalie discusses various court cases and revenue rulings that provide crucial guidance on this topic, including cases from 1965 to 2023. She highlights differing tax treatments based on the nature of services provided, whether the property is subject to self-employment tax, and the importance of understanding context to accurately apply tax laws. Tune in for a comprehensive overview of significant rulings and the...
Jun 20, 2024•33 min
Understanding Real Estate Audits and Proactive Defenses If You've Done a Cost Segregation https://www.facebook.com/groups/realestatefortaxpros https://www.facebook.com/groups/REIKnowledgeVault In this episode of 'Real Estate is Taxing,' host Natalie, minimizes the fear around audits by highlighting their low risk and focusing on practical steps to avoid common pitfalls. Key points include detailed guidance on mileage deductions, maintaining thorough records for real estate professional status, a...
Jun 13, 2024•27 min
Cost Segregation Studies- What they are, how they're done, when to use them...and what type of study should you choose. Have tips for making the most out of conferences? I want to hear about them! Email Contact@Cretaxstrategist.com or join the facebook group below to share your thoughts and ideas. Facebook Groups: Tax Professionals: https://www.facebook.com/groups/realestatefortaxpros Real Estate Investors: https://www.facebook.com/groups/REIKnowledgeVault A comprehensive exploration of cost seg...
Jun 06, 2024•32 min
And Why "You Can't Buy a Primary Home With A 1031 Exchange" Is wrong. Facebook Groups: Tax Professionals ---> https://www.facebook.com/groups/realestatefortaxpros Real Estate Investors ---> https://www.facebook.com/groups/REIKnowledgeVault Episode Topic Suggestions --> Contact@Cretaxstrategist.com Like the Show? ---> Rate it 5 ⭐️ In this episode of 'Real Estate is Taxing,' host Natalie Kolodij delves into the synergy between two tax code sections: the 1 21 exclusion and the 10 31 exc...
May 30, 2024•22 min
Join The Conversation On Facebook - Tax Professionals - https://www.facebook.com/groups/realestatefortaxpros Real Estate Investors - https://www.facebook.com/groups/REIKnowledgeVault Want To Attend An Event or Have Natalie Speak at Your Event? Upcoming Speaking and Teaching Events - https://www.natalie.tax/ Referenced In This Episode: TC Summary 2017-31 - https://casetext.com/case/nielsen-v-commr-2 In this episode of 'Real Estate is Taxing,' host Natalie Kolodij discusses the intricacies of real...
May 23, 2024•28 min
Demystifying the Short-Term Rental Tax Strategy The podcast episode delves into the intricacies of leveraging the short-term rental 'loophole' for tax benefits, clarifying the often misunderstood and oversimplified strategy. It begins with an explanation of passive vs. non-passive income and the tax implications of each, particularly focusing on the limitations of deducting passive losses. The episode highlights how short-term rentals, under certain conditions, can be classified as non-passive, ...
May 16, 2024•39 min
This episode delves into the 121 Exclusion, also known as the primary home sale exclusion, which allows significant tax savings for Americans selling their primary home, assuming they meet specific criteria. Covering the fundamental conditions of the 121 Exclusion, emphasizing the necessity of owning and occupying the home for at least 730 days out of the last 1,825 days to qualify. Detailed explanations are provided for five common mistakes related to this tax provision, including misconception...
May 09, 2024•26 min
In this episode of Real Estate is Taxing, host Natalie Kolodij discusses the misconceptions about using rental property losses for those not identified as real estate professionals. She clarifies that passive losses from long-term rentals can still be utilized to offset passive income, highlighting the tax advantages of rental income and explaining passive activity loss rules. Finally, Kolodij teases a future episode dedicated to reducing or eliminating unrecaptured Section 1250 gain, inviting l...
May 02, 2024•24 min
Natalie delves into the topic of tax extensions, clarifying what they are, their benefits, and various scenarios where filing for one may be advantageous. It begins by demystifying the concept of a tax extension, emphasizing that it's an extension to file, not to pay any owed taxes, and illustrating the procedural ways to file one. The episode packs in practical advice, aiming to educate listeners on making informed decisions and optimizing their tax situations. 00:00 Introduction to Real Estate...
May 02, 2024•14 min
Introducing the Real Estate is Taxing Podcast. The official trailer for the 'Real Estate is Taxing' podcast, hosted by Natalie Kolodij With a decade of experience in real estate and a professional background as a tax specialist, Natalie aims to share her wealth of knowledge on real estate taxes. She promises to break down complicated tax topics into understandable segments, focusing on strategies to avoid common pitfalls and minimize tax liabilities legally. The podcast intends to provide accura...
Apr 20, 2024•2 min
