Michael Plaks is known in the REI community as the “Black Belt in Real Estate Taxation.” Why? Because after 20 years in private tax practice, working exclusively with real estate businesses, he is the ultimate expert. He’s also a best-selling author and frequently presents at REI clubs and Realtor groups.
Michael sat down with us for a Facebook LIVE Training and explained all of the major changes real estate investors should be aware of from the new tax plan and how it will impact next year’s filings. Our talk was jam packed with useful information! Michael busts some myths about taxes and explains the truth in a way we can all understand.
Michael gave us the 4-1-1 on how to optimize your business for taxes in 2018 and the easiest tax deductions for real estate investors to take advantage of.
If you missed our session with Michael, you can still view it here.
Watch our talk with Michael and learn:
- What are some of the tax changes
- How the changes affect real estate investors
- Common mistakes investors make
- Whether you should form an LLC or not
- How to qualify as a real estate professional for your taxes
Below, we’ve included the main topics Michael discussed during his training so that you can skip to the parts you’re most interested in learning about…
5:49 What is your background?
7:33 Are you a real estate investor yourself?
7:55 What’s the highlight reel of the new tax plan?
12:34 New tax brackets for 2018
13:56 Will this have a positive or negative impact on investors?
18:15 Tax changes on the personal and business side
23:35 What is the “cap” on the personal side?
25:08 Should rental properties be in a separate LLC?
34:00 How have pass-through entities changed?
35:26 Benefits from opening an LLC vs. an S-Corp
39:55 Writing off depreciation value for rentals
58:59 Do you see rehab entities classified as a dealer?
1:08:15 How to prove you are a real estate professional
1:12:03 1031 exchanges
1:25:35 Changes in capital gains taxation
1:26:38 Common mistakes investors make