HERE ARE 3 INVESTMENTS THE GOVERNMENT WILL PAY YOU TO MAKE IN 2023 THAT WILL INCREASE THE VALUE OF YOUR PROPERTIES.
INSTALL A SOLAR POWER SYSTEM
In August 2022, Congress extended the investment tax credit for solar systems and raised it to 30% through 2032. Businesses also have access to a production tax credit for the energy produced by the system, although you generally can’t claim both for the same property. In addition to offering tax credits, the government further incentivizes solar investments by allowing you to depreciate the cost of the equipment. In 2023, this bonus depreciation is 80%. It will drop another 20 percentage points each year until 2027, so the sooner you take advantage of this incentive, the better.
IMPROVE ENERGY EFFICIENCY
The Inflation Reduction Act of 2022 also expanded and extended the residential energy tax credit, which covers a variety of improvements to residential structures. This may be a good year to conduct an energy audit and make any needed upgrades to windows, doors and HVAC systems. There are similar incentives for improving energy efficiency on commercial properties.
ADD ELECTRIC VEHICLE CHARGING STATIONS
If you are a landlord or commercial property investor, adding charging stations is a great way to add value to your property on the government’s dime. You can now get a 6% tax credit up to $100,000 per unit through 2032. There also is a 30% tax credit up to $1,000 available for individual and residential uses.
In a year when most investors are worried about the economy, real estate investors and landlords are in a great position. We can control our money. We can control our investing. We can, to a large
extent, control our assets. And we can control our tax. The key is to go into the year with the right information, a clear strategy and the right advisors by your side.
TOM WHEELWRIGHT, CPA CEO of WealthAbility Buy Tom’s New Book: The Win-Win Wealth Strategy: 7 Investment the Government Will pay you to make Tax and wealth expert Tom Wheelwright is a CPA, CEO of WealthAbility, Rich Dad Advisor, entrepreneur, international speaker, and author of The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make (published July 12, 2022) and the bestseller Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes. Wheelwright is the CPA for Robert Kiyosaki and has spoken on stage on every continent to over 100,000 entrepreneurs, small business owners and investors. He also is the host of two popular podcasts: The WealthAbility Show with Tom Wheelwright CPA and The WealthAbility for CPAs Show.
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