If you’re asking your CPA how to avoid 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.
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Your Favorite BiggerPockets Podcasts in One Our Interview with Robert Kiyosaki:
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How to (Legally!) Avoid Capital Gains Taxes on Real Estate:
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Grab Your Copy of Tom’s Classic, “Tax-Free Wealth”:
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Show notes at:
0:00 Intro
3:42 Quick Tip
4:23 How to Legally Pay No Tax
14:57 How Raising Taxes Lowers Tax Revenue
16:15 Tax Loopholes vs. Incentives
23:14 Where to Decrease Your Taxes
31:19 The Bright Side of Being in Debt
35:08 The 7-Day Rule
37:22 Generating Losses and Depreciation
48:49 Do You Need an LLC for Real Estate?
57:35 Building a Bullet-Proof Investing System
1:02:54 Control Everything & Own Nothing
1:07:10 Tom's Advice for David
1:16:49 5 Steps to Eliminate Income Tax
1:22:08 Connect with Tom!
Recommended Reading >> bit.ly/32kRpzw
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