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b"Investing with Taylor at www.investwithtaylor.com \\nStart your Solo 401k or SDIRA at www.passivewealthstrategy.com/rocket/ \\nBrian Boyd is a tax attorney and experienced real estate investor. He has a master's degree in tax from Georgetown Law School and has written a book on building financial independence and tax-advantaged wealth through real estate investing. Brian offers coaching, mentoring, and online courses on tax and real estate matters.\\nSummary: In this episode, tax attorney and real estate investor Brian Boyd shares key tax mistakes and misconceptions that many people have. He emphasizes the importance of understanding the tax rules and seeking professional advice. Brian discusses topics such as passive activity losses, the short-term rental loophole, the heavy equipment tax deduction, and writing off car purchases on taxes. He also highlights the potential benefits of real estate investing and the need to educate oneself on the tax advantages. Brian encourages readers to read his book and take the time to understand the tax laws and regulations surrounding real estate investing.\\nKey Takeaways:\\nPassive activity losses can be used to offset income from real estate investments, but there are specific rules and exceptions that need to be followed.\\nThe short-term rental loophole allows individuals who spend at least 100 hours a year on a short-term rental property to apply the tax benefits to their W-2 income.\\nThe heavy equipment tax deduction, under section 168K, allows real estate investors to write off a portion of the purchase price of qualifying vehicles used for business purposes.\\nThe bonus depreciation rule for heavy equipment allows for a 100% write-off in 2022, with decreasing percentages in subsequent years.\\nIt is important to track business use and consult with an accountant or tax professional to ensure compliance with the tax rules."