Episode Details

Becoming an accidental landlord could cost you a six-figure tax bill — or be the smartest move you make. You're finishing training, moving cities, and that house you bought a few years ago — the one with the enviably low mortgage — is suddenly a decision: sell it and pocket the equity, or rent it out and start building "passive income"? It sounds simple. It isn't. Dr. Jimmy Turner and Justin Harvey, CFP®, break down the real math behind renting vs. selling your home as a physician — and the IRS clock most people don't realize is already running.

What you'll learn:

• How Section 121's $500K capital gains exclusion works — and the 2-out-of-5-year rule that quietly creates six-figure tax bills
• Why "I have a 3% mortgage" is golden handcuffs, not a strategy
• The honest cost of becoming an accidental landlord — property management, the 1% maintenance rule, the curveballs
• When renting during a fellowship is a smart, low-risk way to test landlording
• Why real estate tax breaks aren't free — what 1031s and "die-with-it" actually require

Resources

• 1099 Doc, locums, or private practice partner? Upgrade your CPA with Gelt (the tax strategy team Jimmy uses). Use this link to get a 10% discount when working with Gelt: https://moneymeetsmedicine.com/CPA 
• Get Disability Insurance from Money Meets Medicine Disability Insurance — moneymeetsmedicine.com/disability
• Have a question you want discussed on the show? Email me at jimmy@moneymeetsmedicine.com

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.