631: BiggerNews July: Rich Dad's CPA on How ANY Investor Can Avoid Taxes in 2022
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 5 July 2022
⏱️ 56 minutes
🧾️ 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
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
Books Mentioned in the Show
Tax-Free Wealth by Tom Wheelright
The Win Win Wealth Strategy by Tom Wheelright
Connect with Tom:
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Transcript
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| 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 |
| 0:28.5 | completely offset their income, but their balance sheet keeps increasing, the net worth keeps increasing, |
| 0:34.0 | and their cash flow keeps increasing. What's going on everyone? This is David Green, your host of |
| 0:38.8 | the Bigger Pockets Real Estate Podcast here today with my co-host on the Bigger News episode. |
| 0:44.4 | Dave Meyer, Dave, how are you doing today? I am doing great David. It is a pleasure as always to |
| 0:50.1 | be back. Thanks for having me. Yeah, I met one of your biggest fans ever yesterday. So I was in |
| 0:55.0 | Long Beach, California doing a meet-up and we did a client appreciation event for the people that |
| 0:59.5 | have bought houses with my team in Southern California. And I met a young man named Christian who |
| 1:03.6 | works for Activision. He's probably geeking out here in his name right now. And he does analytics |
| 1:08.4 | for that company where he helps basically the executives aside where they should be allocating |
| 1:12.5 | resources and money based on how well the different products or the different things that they |
| 1:17.9 | have implemented have performed. And he would not stop talking about you. I think he kind of |
| 1:22.4 | 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 |
| 1:33.2 | mentioned him on the Bigger Pockets Podcast now. So that probably worked better than his wildest |
| 1:37.9 | dreams. But thank you, Christian. I really appreciate that. And yeah, hopefully people are |
| 1:43.9 | 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 |
... |
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