168: Permanent Tax Reduction For Real Estate Investors with Tom Wheelwright of WealthAbility
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 35 minutes
🧾️ Download transcript
Summary
#168: Reduce your taxes by 10-40% in just three months. Rich Dad Tax Advisor Tom Wheelwright is back again to tell us how.
Tom and I discuss the IRS' coveted Real Estate Professional designation - the benefits, what you must do, and what you must not do.
If you outsource property management, will that prevent you from the RE Professional designation?
Some U.S. states have annoyingly high transfer taxes. We discuss a strategy to avoid paying it.
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1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
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3) Read my new, best-selling paperback: getbook.at/7moneymyths
Listen to this week's show and learn:
01:02 Invest for income.
03:17 Real estate is a great tax shield.
08:00 Motivation and mindset behind tax reduction.
12:44 The tax code is a treasure map for deductions.
15:31 The Real Estate Professional designation.
20:22 Property management and the RE Professional designation.
24:28 Transfer tax in real estate.
27:34 Assets vs. Liabilities.
29:22 LLCs and transfer tax.
30:51 You can't reach your dream by paying high taxes.
Resources Mentioned:
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Volhollow Wealth and Ridge Lending Group. You're listening to the show that has created more passive income for people than nearly any show in the world. This is the powerful Get Rich Education. Welcome to GREGETT Education. Welcome to GRE, Get Rich Education, |
| 0:34.6 | recorded here right before Christmas Day. |
| 0:39.3 | Merry Christmas. |
| 0:40.2 | Happy holidays. |
| 0:41.2 | I'm your host Keith Weinhold and RichSide Advisor, Tom. |
| 0:44.1 | We're right and I are back to help you build your wealth. |
| 0:47.6 | What's more Christmassy than talking about taxes? |
| 0:50.5 | Well, frankly, just about anything. |
| 0:52.9 | But we've got Tom back once again today for an all-new show as we're going to discuss how to permanently reduce your taxes. |
| 1:00.3 | First, as you're out there, invest for income. Just three emphatic words, invest for income. If you're not investing for income, then you're really just speculating, |
| 1:13.7 | speculating on capital appreciation. You're hoping. Well, then where do various asset classes |
| 1:20.5 | derive their income from? Well, for stocks income, it's the dividend. Well, most dividends are |
| 1:26.1 | small and many stocks pay zero dividend at all. |
| 1:29.3 | The S&P 500 stocks pay a dividend of 2% annually. The more likely that you're in a growth-oriented |
| 1:36.9 | stock, like a young stock where you expect rapid growth, well, then the less likely that that |
| 1:41.9 | stock is to pay a dividend because rather than paying |
| 1:44.6 | out a dividend, younger growth stocks, instead they reinvest their money. |
| 1:50.0 | They reinvest that capital back into research and development instead of paying it |
| 1:55.7 | out to you in the form of a dividend. |
| 1:58.2 | So with stocks, the income is called a dividend. |
| 2:00.8 | That is an unspectacular rate of |
| 2:03.6 | return. For bonds, the income is called a coupon. That's an unspectacular rate of return. Gold, |
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