In the world of real estate, taxes can quickly become a significant expense for buyers, builders, and sellers. Fortunately, there are ways to save money on taxes with proper planning and expert advice. In this episode of The Real Build, tax expert Lisa Bloomfield of Wasatch CPA Services in Spanish Fork, Utah, shares valuable tips for saving money on taxes in the real estate and construction sectors. With over 20 years of experience and access to advanced tax strategies, Lisa can help you find tax-saving opportunities you may not have known existed. In this blog, we’ll explore some key points from the YouTube video (https://youtu.be/gp8_eYVJOiE) and expand on the advice shared by Lisa.
Lisa has over 20 years of experience in accounting and tax. Over the past three years, she and her partner have networked with some of the most elite tax strategists, tax lawyers, and financial advisors across the country, working closely with them to be on the leading edge of tax planning and advisory. They have made it their mission to be an investment partner with you, helping you grow your wealth as you grow your business.
She has helped clients save hundreds of thousands of dollars in taxes using advanced tax strategies and tax planning. Strategies she will help you find have traditionally only been available to major corporations, even though the tax code lets you use them as well. Her team of experts focuses on bringing this knowledge to clients, and she looks forward to seeing if she can also help you reduce your tax liability.
She will help you explore options to:
- Create advanced tax strategies for wealth creation
- Combine business exit strategies with low tax tactics
- Divest positions with low or no tax
- Accelerate wealth growth
- Reduce tax bills
6 Tips To Save On Taxes When Buying, Building, or Selling A Home
- Utilize Mortgage Interest Deductions:
When buying a home, consider taking advantage of the mortgage interest deduction, which allows homeowners to deduct the interest paid on their mortgage from their taxable income. This can help to reduce your overall tax liability and save you money in the long run.
- Research Homeowner Tax Credits:
There are several tax credits available to homeowners, such as energy-efficient home improvement tax credits. By researching these credits and making the necessary improvements, you can receive valuable tax savings.
- Explore 1031 Exchanges:
When selling a property, consider utilizing a 1031 exchange. This tax-deferred exchange allows you to defer capital gains tax by reinvesting the proceeds from the sale of a property into a new, similar property. This strategy can help you save on taxes while continuing to build your real estate portfolio.
- Capitalize on Home Office Deductions:
If you work from home, you may be eligible for home office deductions. These deductions can help to offset expenses such as utilities, rent, or mortgage interest. Speak with a tax professional to determine your eligibility and potential savings.
- Keep Track of Expenses:
When building or improving a home, be sure to keep track of all expenses related to construction or renovation. Many of these expenses can be deducted from your taxes, reducing your overall tax liability.
- Consult with a Tax Professional:
One of the best ways to save on taxes when buying, building, or selling a home is to consult with a tax professional like Lisa Bloomfield. Tax experts can help you create advanced tax strategies, combine business exit strategies with low tax tactics, divest positions with low or no tax, accelerate wealth growth, and reduce tax bills. With a knowledgeable tax expert on your side, you’ll be better equipped to navigate the complex world of real estate and construction taxes.
Saving on taxes when buying, building, or selling a home may seem daunting, but it doesn’t have to be.
Contact the team at RK Reiman to start the process of Buying, Building, or Selling A Home today!