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Real Estate Tax Deductions

Randal Engelmann & Erik Gould

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

Dec 14 3 minutes read
How To Lower Your 2020 Taxes 


Erik:
 What's everyone's favorite topic? No, taxes.

Randal:
Welcome back to Stay Focused, Focus Real Estate's weekly video series. Yes, we're here to talk to you about your favorite thing, taxes.

Erik:
Taxes.

Randal:
Really, as we get to the end of the year, one really important thing to remember, whether you're a homeowner that lives in your home or you have investment properties, these are tax shelters, right? There are certain things that you can utilize to lower your tax burden when it comes to your real estate.

Erik:
And you're talking about income tax, state, federal taxes.

Randal:
Correct.

Erik:
Yep.

Randal:
Correct. Is there a way to save a few bucks on your taxes? I think we all know this but we just kind of want to say, as a little preparation for getting ready for January, right?

Erik:
Right.

Randal:
Start collecting your documents, making sure you have all your statements, especially when it comes around for your taxes around property taxes and paying your interest.

Erik:
Interest. Yeah. Your accountant, you want to definitely talk to your tax accountant about these things, about what you qualify for. But as a real estate owner, you may qualify for these certain deductions.

Randal:
Yeah, and those may roll into a second home. I know there's a conception out there that you can't write anything off on your second home, if you have a second property. But talk to your accountant because there's ways that you can add those, depending on what your liability is at your current home. But to kind of keep your options open, and lean on a professional here, especially when it comes to your taxes. We have a lot of changing tax code out there, and you want to make sure you're taking advantage of it and using a good PCA, CPA, DLA. Anyway, whatever you call them.

Erik:
Yeah.

Randal:
Collect those receipts. Get ready for your tax season and-

Erik:
And ready for 2021.

Randal:
2021. Let's just put this 2020 behind us, shall we, ladies and gentlemen? Let's move on. Take our deductions and move on. Anyway, thanks for watching, everybody. If you have questions about your taxes, you can call us and ask us for a referral for a CPA, but call your accountant. Until next time, stay tuned and stay focused.

Erik:
Stay tuned and stay focused.

Randal:
A funny open. We're talking about taxes again, you know?

Erik:
Yeah, I know.

Randal:
Trying to make it fun and funny.

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