Welcome to the LearnLikeaCPA Podcast! In this episode, host Ryan Bakke and guest Billy Withers discuss common mistakes in forming partnerships and share valuable insights on tax strategies for real estate investors.In this episode, we cover:- Common mistakes when forming partnerships- Navigating the short-term rental loophole- Entity structure mistakes to avoid- Material participation rules and grouping elections- Bookkeeping recommendations for real estate investors

Follow Billy online: https://www.instagram.com/billywitherstax/

Timestamps:

[00:00:00] Intro

[00:00:28] Operating agreement is vital for partnership business.

[00:04:55] S corp rentals create basis and gain issues.

[00:07:21] IRS allows grouping short-term rentals for deductions.

[00:11:39] Effective bookkeeping is crucial for maximizing deductions.

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*None of this is meant to be specific investment advice, it's for entertainment purposes only.