292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 3 June 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear? It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to (legally) eliminate income tax when investing in real estate Down payments and why you (probably) won’t want to use a credit card to fund yours Real estate partnership responsibilities and what a money partner’s roles are Listing your own property for sale by owner (FSBO) vs. using a real estate agent Rental property debt and what to do when tenants refuse to pay rent The one question you need to ask a realtor that could lead to a reduced commission fee And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate How to Buy Real Estate with Your Credit Card How Much Do You Need For A Down Payment On A House? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 292.
0:04.6	I think that spending money on tax strategy or kind of tax planning is one of the few things
0:12.6	in your real estate business where if you put a dollar in you get multiple dollars back.
0:16.9	And yeah definitely we spent a decent amount on tax strategy this year but I can also say that
0:22.8	I'm probably going to pay zero on taxes for 2022 and that's because I had the right person
0:27.6	in my corner to guide me along to help me understand the tax code to leverage it in my benefit.
0:33.2	My name is Ashley Care and I am here with my co-host Tony Robinson.
0:37.2	And welcome to the Real Estate Rookie podcast where every week,
0:40.0	twice a week we're bringing you the inspiration, motivation and stories you need to hear to kick
0:43.9	start your investing journey. And I love getting back to our Rookie Reply episodes so we can get
0:49.1	down to the nitty gritty with all of our Rookie audience members.
0:52.0	So Tony before we get into our replies I do have something I want to share with
0:57.2	everyone today. I received a voicemail today and it was to my Google voice number which is like
1:04.1	my work number. And really this phone number is mostly used for direct mail.
1:10.0	So when we send out mailers this is the number they would call.
1:13.4	We don't have it for like any property management at all. So I got this voicemail today.
1:20.7	You know what's hi my name is Angela Sonsel. I am the director of human services for a town
1:28.4	of windum. I'm calling regarding a property at and she gives the address.
1:33.6	So if you're in Willemantic Connecticut maybe this is your property.
1:38.1	So first of all right there I'm like okay this doesn't apply to me because I don't have any
1:41.5	property in Connecticut. There is an issue with sewage backing up into one of the apartments
1:49.4	and code enforcement has been on the property and we need to hear from the landlord or property
	...

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