If you’re asking your CPA how to not pay taxes, this may be the perfect episode for you. In fact, this episode is geared towards anyone making money in real estate, and listening could save you a massive amount in taxes over your lifetime. But isn’t tax reduction only for the ultra-rich? How can the average, everyday investor who has one, two, or a dozen rentals keep more of their capital so they can invest in more deals?
Tom Wheelwright is the exact man to ask this question to. He’s so good at what he does, that he’s been advising Rich Dad Poor Dad’s Robert Kiyosaki for decades. Tom is dedicated to minimizing the tax burden that he and other investors suffer from. If you’ve read Rich Dad Poor Dad, a lot of Tom’s strategy will sound familiar, but in reality, it’s what all intelligent investors are doing.
In today’s episode, Tom walks through the biggest areas where real estate investors can cut their tax bills, how to generate losses through depreciation, building an investment system, and the five steps to eliminating income tax from your real estate deals. If you make money in real estate, no matter how, this is information you can NOT live without.
Click here to listen on Apple Podcasts.
Listen to the Podcast Here
Read the Transcript Here
Watch the Episode Here
https://www.youtube.com/watch?v=MdFae0JoPIE
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In This Episode We Cover:
- Why rich investors pay fewer taxes than those who are employed or self-employed
- Tax incentives vs. loopholes and why one is risky and the other is celebrated
- Where investors can look to greatly reduce their taxable income
- How real estate debt gives investors far less risk in their deals
- Deprecation, recapture, and how real estate gives you a leg up on income tax reduction
- Whether or not you should hold a real estate investment in an LLC
- And So Much More!
