The Power of REPS | PPhREI Network Roundup | 7-1-2024

by The Darwinian Doctor

In this PPhREI Network Roundup, we review why there’s so much fuss around REPS (real estate professional status) and I argue that doctors don’t need more vacation.

This post may contain affiliate links.

The Prudent Plastic Surgeon

Tax benefits were some of the main reasons why I started to focus on a real estate focused strategy when I began my journey to morbidly obese FIRE many years ago. Since then, I’ve had a few good years of data now that have shown proof of concept for this theory, including a year in 2022 when I cancelled out the vast majority of my federal taxes. I’ve done it all without the benefits of REPS (real estate professional status), which is a special IRS classification that allows you to take a wide variety of real estate expenses and write-offs directly against your active income. It’s pretty amazing and is one of the main ways that the IRS incentivizes real estate investment.

When I finally file my taxes for 2023 later this summer, I’ll finally be able to claim REPS. I’m pretty excited.

How do you qualify for REPS and what does it actually mean?

Read this recent post from the Prudent Plastic Surgeon to find out: Real Estate Professional Status: Massive Tax Benefits for Physicians

The Darwinian Doctor

Americans don’t take enough vacation! This is a common story in the media. It’s true, American workers as a whole take very few days of vacation when compared to others in the developed world.

Whenever I read these statistics, I shake my head. Not because we don’t go on vacation enough, but because this whole focus on vacation days is missing the point. I can mostly speak for physicians, but I think my argument applies to a lot of different industries.

To really improve the plight of American workers and physicians, we can’t just promote vacation. We need to improve the day to day conditions that make taking vacations such a poor bandage for worker burnout and dissatisfaction.

Read all about it on the Darwinian Doctor blog: Doctors Don’t Need More Vacation

You can also watch my take on Youtube

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Since everyone is different, it may not be appropriate to generalize my doctorly advice to your own situation. Please run all medical, life, and financial advice by your own physician or financial professionals before applying it to your own life! Consider all information for your entertainment only!

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