They say that nothing is certain except death and taxes, but with the right knowledge, you can make tax laws work in your favor. Today on elevate, you’ll hear from Scott Taylor, a CPA with over 30 years of experience and BDO’s Office Managing Partner at their Las Vegas and Reno practices. We’ll dive into the world of real estate taxes—from upcoming changes in tax policy to tips on how to avoid paying capital gains tax.
— In This Episode You’ll Discover —
00:44 When do you pay capital gains tax on real estate?
01:47 What’s the best option to minimize the capital gains tax on real estate?
02:55 Long-term vs. short-term capital gains
04:29 How to manage taxes on a capital loss
06:00 Depreciation on rental properties
09:22 What is recapture and how is it calculated?
10:10 Taxes on property you partially own
13:09 How do renovations affect real estate taxes?
16:35 What’s going on in the world of taxes?
18:03 What is the mortgage tax deduction capped at?
19:28 Should you talk to your CPA before selling your house?
21:36 What is a 1031 exchange?
29:06 How are rising interest rates affecting the real estate market?
— Memorable Quotes —
“Depreciation is an awesome thing when it comes to rental properties.” – Rob Jensen
“It’s vitally important to talk to your CPA before selling.” – Scott Taylor
“You’re almost always going to get a big deduction for depreciation.” – Scott Taylor
“Sometimes having debt on rentals can leverage your return.” – Rob Jensen
— About This Week’s Guests —
Serving as the office managing partner overseeing BDO’s Las Vegas and Reno tax practices, Scott Taylor has 30 years of experience providing tax services to companies of varying size in multiple vertical markets. In addition to his tax work, he also provides services for business consulting, deal structuring, receivership and litigation support services.
— Get In Touch With Scott Taylor —
— About The Show —
Elevate is a show that explores the latest in elevated living. Hear from the local artisans, business owners, and innovators who make Las Vegas extraordinary and whose stories and insights will help you live your best life.