Taxes for Rental Properties with Pat Leung
Apr 27, 2023Pat Leung, a seasoned tax and accounting professional with over two decades of experience in the real estate, private equity, and financial services industries, shares valuable insights on the evolution of property ownership in the current real estate environment. She also explains in detail how to maximize tax benefits if you are using Airbnb or similar as a rental income source.
For those considering purchasing a rental property, Pat shares her expert advice on factors to consider before making a decision. With her extensive experience in "Big 5" and regional CPA firms, as well as a large private equity real estate firm, Pat's tips are practical and valuable for both seasoned investors and those just starting out.
They key takeaways from this episode are:
1. Insights on the evolution of property ownership: Pat Leung shares valuable insights on the current real estate environment and how property ownership has evolved. Her expertise in the real estate, private equity, and financial services industries provides practical tips for investors.
2. Maximizing tax benefits from Airbnb or similar rental income sources: Pat explains in detail how to make the most of tax benefits when using Airbnb or similar as a rental income source. The podcast covers interesting nuances of the Augusta rule and deducting furniture.
3. Factors to consider before purchasing a rental property: Pat provides expert advice on what to think through and consider before making a decision to purchase a rental property. This is valuable for seasoned investors and those just starting out.
What you'll hear in this episode:
[3:00] Who is Pat Leung and what does she do?
[7:15] How do you describe the evolution of property ownership to real estate investor?
[9:00] What are some interesting nuances of the Augusta rule?
[15:00] How do you make the most of an AirBNB from a tax standpoint?
[18:30] Can I deduct all my own furniture if I rent out my home for a small portion of the year?
[25:25] What are some things you should think through and consider before purchasing a rental property?
Related episodes:
Tax Tips for Short Term Rental Owners with Ryan Bakke
How to Take the Home Office Deduction
Taxes for Real Estate Investors with Chris Picciurro
Resources:
Connect with Pat:
Pat’s Discovery Session Link: https://calendly.com/leungtax
Connect with Shannon:
Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
