631: BiggerNews July: Rich Dad's CPA on How ANY Investor Can Avoid Taxes in 2022 w/Tom Wheelwright

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 5 July 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Everyone wonders how the rich avoid taxes. To most Americans, it seems like there is some big loophole that only the mega-wealthy know about, leaving average workers strapped with a large tax bill. Are the ultra-wealthy cheating the tax code, or are they onto something that everyday Americans simply don’t know about? Tom Wheelwright, author of Tax-Free Wealth and Rich Dad’s (Robert Kiyosaki) CPA is here to tell you how to take advantage of these big tax deductions that mystify small-time investors. If you’re already investing in real estate, you’ll know that the tax deductions can be plentiful. You get mortgage interest, depreciation, maintenance, and insurance write-offs. But, even bigger than those, are bonus depreciation and cost segregation, which aren’t complicated tax strategies and can help almost any investor reduce their tax bill significantly. So what can an average investor like you do to get started saving on taxes? Tom walks through the 2022 tax deductions that are decreasing this year, which to take advantage of immediately, how to find the right CPA for you, and which write-offs you may be missing. These tips could reduce your taxes by a significant amount, freeing up much more of your capital for future real estate deals! In This Episode We Cover: The disappearing tax deductions that every investor should take advantage of How the wealthy avoid taxes by buying real estate and getting into debt Renting vs. buying and which makes more sense in 2022 as affordability plummets Using cost segregation and bonus depreciation to wipe out your tax bill How to work with the government, instead of against it, to build wealth faster The best 2022 real estate tax strategies that small or large real estate investors can implement And So Much More! Links from the Show BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast Get Your Ticket for BPCon 2022 Listen to All Your Favorite BiggerPockets Podcasts in One Place Subscribe to The “On The Market” YouTube Channel Hear Our Past Interview with Tom on 5 Steps to Eliminate Income Tax Listen to The Rent vs. Buy Debate on This Week’s Episode of On The Market Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts David's BiggerPockets Profile Dave's BiggerPockets Profile David's Instagram Dave's Instagram Books Mentioned in the Show Tax-Free Wealth by Tom Wheelright The Win Win Wealth Strategy by Tom Wheelright Connect with Tom: Tom's Website Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-631 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is the Bigger Pockets Podcast Show, 631.
0:04.3	As long as we're building the asset and liability side of our financial statements,
0:10.9	so the balance sheet is where our focus should be and the cash flow statement, not the income statement.
0:17.8	The income statement could really well be zero and for a lot of people it is.
0:23.1	For a lot of professional real estate investors, that income statement shows zero because their expenses
0:29.1	completely offset their income, but their balance sheet keeps increasing, the net worth keeps
0:33.6	increasing and their cash flow keeps increasing. What's going on everyone this is David green your
0:38.4	host of the Bigger Pockets Real Estate Podcast here today with my co-host on the Bigger News
0:43.3	episode Dave Meyer, Dave, how are you doing today? I am doing great David. It is a pleasure as
0:49.2	always to be back. Thanks for having me. Yeah, I met one of your biggest fans ever yesterday. So
0:54.6	I was in Long Beach, California doing a meet up and we did a client appreciation event for the
0:59.2	people that have bought houses with my team in Southern California and I met a young man named
1:03.2	Christian who works for Activision. He's probably geeking out here in his name right now and he does
1:08.0	analytics for that company where he helps basically the executives decide where they should be
1:12.1	allocating resources and money based on how well the different products or the different things
1:17.7	that they've implemented have performed and he would not stop talking about you. I think he
1:22.1	kind of just wanted to get to me in order to get to you because he's such a big fan of you as the VP
1:28.1	of data analytics and as a data scientist he was in love with you. Well, it worked right you bet
1:33.3	you have on the Bigger Pockets Podcast now so that probably worked better than his wildest dreams.
1:38.2	But thank you Christian. I really appreciate that and yeah, hopefully people are
1:43.8	learning about being in data driven real estate investor, hoping, you know, obviously David,
1:49.9	you're a very analytical person as well. But hopefully our brains combine are helping people
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.