Tax Expert Michael Plaks Tells All [New Tax Plan]

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.

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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?

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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

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Posted on May 9, 2018

Author: Alison Reeves

After working for a large wholesaler in Houston for 4 years, Alison joined MyHouseDeals as Marketing Manager in 2016. Alison finds the ever-changing nature of real estate investing and marketing exciting, and loves working for a web services company that is hyper-focused on its customers. When she’s not marketing for MyhouseDeals, Alison enjoys cycling, running, fostering homeless dogs, and enjoying all of the art/music/outdoor public activities that Houston has to offer.

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