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b"Natalie Kolodij is the CEO of Kolodij Tax and Consulting, and she is also a real estate investor herself. She uses her investing experience to help other investors out in the tax world. Natalie gives advice on how to determine depreciation and shares examples of what you should specifically do. In this episode, Natalie digs into the tax advantages or potential tax advantages of specific short term rental investing strategies and ways that you may be able to write things off of your active income by using short term rentals.She also talks about depreciation and cost segregation and a lot of things around this space.\\n\\xa0\\n\\xa0\\n[00:01 - 05:15] Opening Segment\\nNatalie shares how she got her start as a real estate tax strategist\\nYou don\\u2019t need a license to do your own taxes\\nWork with someone who is certified and has experience in doing taxes\\n\\xa0\\n[05:16 -13:27] Tax Strategies for Short Term Rentals\\nShort term rentals can be converted to be non passive and have access to write off limits\\nPer the tax code, any asset with a life of less than 20 years qualifies for a write off\\xa0\\nAs a real estate professional, any of your real estate losses are now non passive\\nDeductible with no limit every year as incurred\\xa0\\nCan be offset with any other income with those losses for real estate\\nReal estate professional status does not matter for this specific short term rental strategy\\xa0\\n\\xa0\\n[13:28 - 25:34] Qualifying for Real Estate Professional Status\\xa0\\nTracking your hours while you are working on real estate\\nDon\\u2019t force the situation when you know you don\\u2019t qualify for the status\\nThere\\u2019s is a big risk in fluffing up the numbers\\xa0\\nTalk to a tax professional about how cost segregation can help benefit you\\nNatalie shares the benefits and disadvantages of getting a professional tax person early on\\xa0\\n\\xa0\\n[25:35 - 30:01] Closing Segment\\nQuick break for our sponsors\\nThe first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\\xa0Learn more about Personal Capital at escapingwallstreet.com\\xa0\\nWhat is the best investment you've ever made other than your education?\\nThe first mobile home that she flipped\\nNatalie Kolodij\\u2019s worst investments\\xa0\\nA guru seminar she bought after finishing college\\xa0\\nWhat is the most important lesson you\\u2019ve learned in business and investing?\\nConsistency and relationships\\n\\xa0\\n\\xa0\\nConnect with Natalie Kolodij:\\nWebsite: https://www.kolotax.com/\\nEmail: natalie@kolotax.com\\nSocial media: Facebook, Instagram, Tiktok\\n\\xa0\\n\\xa0\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through\\xa0https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to\\xa0www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\n\\xa0\\nTweetable Quotes:\\n\\u201cA good tax professional isn't cheap, but a cheap tax professional isn't good.\\u201d - Natalie Kolodij\\n\\u201c A lot of people can never reach real estate professional status if they love their jobs, they're never gonna do real estate full time.They're never gonna have that option. So this is sort of an alternative. Let's look at short-term rentals, if this works for your investing goals and your plan.\\u201d - Natalie Kolodij\\n\\xa0\\n\\u201cIf you are networking consistently, talking to people, consistently putting out information consistently, You will find deals, and you will find those relationships that take you to find deals.\\u201c - Natalie Kolodij"