569: Rich Dad's CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate w/Tom Wheelwright

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 10 February 2022

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. 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! Links from the Show: BiggerPockets Website BiggerPockets Youtube Channel BiggerPockets Podcast BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming Amazon Airbnb Invest with David Greene The CASHFLOW GAME by Robert Kiyosaki The Real Estate Strategies Podcast with Ken McElroy: QUITTING Your 9-5 for Real Estate Investing (with BiggerPockets' David Greene) Ken McElroy's Official Website Robert Kiyosaki's Official Website Listen to the full episode: https://www.biggerpockets.com/show569 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast. Show!
0:03.0	5.69.
0:05.7	So they're saying, look, if you invest in real estate,
0:08.4	we'll give you a better deal than if you've invested in this stock market.
0:11.2	Literally, that is built into the law.
0:13.2	And so, you know, that just, once we understand it, now we have a choice.
0:17.6	And the goal here is the more education we have, and this is why I love Bigger Pockets,
0:21.4	more education we have, the better our choices.
0:31.4	What's going on, everyone? It's David Green, your host of the Bigger Pockets Podcast,
0:35.2	where we arm you with the information that you need to start building long-term wealth
0:39.3	through real estate today. If you're new here and you like today's show,
0:43.6	check out BiggerPockets.com. It's the website that hosts the podcast.
0:47.2	It's a free one-stop shop for all things real estate investing. It'll help you save time and
0:51.1	money, avoid mistakes, and tap into the wisdom of two million fellow members.
0:56.6	Now, on today's show, we are joined by an awesome guest. You are going to love this show if you've
1:02.3	ever wondered, how do the wealthy not pay taxes? Today, we have Tom Wheelwright. Now, on episode
1:09.3	500, Brandon Turner and I interviewed Robert Kiyosaki, the author of Rich Dad Poor Dad,
1:15.2	and Tom is Robert CPA and owns a CPA firm. He's also a speaker and investor himself,
1:22.5	an author of several books. One of them Tax Free Wealth is sold very, very well. It is very well
1:27.4	respected within the real estate investing community. And Tom comes on to tackle the question of
1:33.5	how do people, particularly wealthy people, avoid paying taxes? How can real estate help you,
1:39.5	the listener, to do the same thing? And what is actually happening behind the scenes that make
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