73: Tom Wheelwright | New Tax Changes Affect Real Estate Investors | WealthAbility™ for CPAs
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 4 March 2016
⏱️ 37 minutes
🧾️ Download transcript
Summary
#73: Rich Dad Advisor Tom Wheelwright actually makes taxes fun!
Tom advises us here in tax season about tax changes, presidential candidates’ tax plans, 1031 Exchange, RE Professional designation.
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Listen to this week’s show and learn:
01:20 To have something different, you need to do something different.
01:39 The five ways your paid as a real estate investor.
05:54 Tom Wheelwright interview begins.
07:02 Every RE Investor should know about the Section 179 and 263 deductions because we can make more write-offs in one year, instead of over a number of years.
11:07 What you can do if you’re about to acquire property for the best tax advantages.
13:02 Is the 1031 Exchange going to disappear? Social Security tax cap.
16:15 The Carried Interest Rule.
18:30 Presidential candidates’ tax proposals and promises.
24:25 A flat tax hurts RE investors.
24:50 Ordinary Income Tax rates vs. Capital Gains taxes.
26:10 How the Real Estate Professional designation helps you.
30:14 The best tax advisor firms are proactive. They anticipate.
Resources:
ProvisionWealth.com - Tom Wheelwright’s tax and wealth strategy firm.
Tax-Free Wealth book - Tom Wheelwright’s great book, which Keith owns.
RidgeLendingGroup.com or 1-855-74-RIDGE. Call them today. Why? They specialize in income property loans & can finance up to 35 rental properties for you.
NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.
GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.
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Transcript
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| 0:00.0 | Get Rich Education is brought to by Norrata Real Estate and Ridge Lending Group. |
| 0:07.0 | Welcome to Get Rich Education with Keith Winehold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires |
| 0:22.7 | than anything else and can provide you with more wealth and happiness than you ever thought |
| 0:28.2 | possible. Now, here's your host, investor, entrepreneur, business owner and educator, Keith |
| 0:36.2 | Weinhold. |
| 0:45.9 | Welcome to Get Rich Education in episode 73. I'm your host, Keith Weinhold. We're here in tax season, and today we're talking with Rich Thatad Advisor, Tom. We write about building your |
| 0:50.9 | wealth by making you more tax efficient. We're going from that angle today, |
| 0:55.5 | okay, and especially as it pertains to real estate investors. In investing in life, to have something |
| 1:01.8 | different, you have to do something different. If your chief investment vehicle is a 401k, |
| 1:08.3 | you're almost certainly not going to live in extraordinarily financial life |
| 1:12.3 | because your choices will be limited, okay? But 401ks are the norm. And this is something so simple |
| 1:19.5 | to say, but to have something different, you need to do something different. Real estate investors |
| 1:26.4 | are different. To have something that others don't, |
| 1:29.9 | you have to do something that others won't. All right, when you realize that as a successful |
| 1:35.4 | real estate investor, you profit five ways financially at the same time. It can actually |
| 1:41.3 | take some experience until you realize all the ways that you're |
| 1:44.8 | getting paid. Now, again, those five ways are number one. You're paid with appreciation potentially, |
| 1:50.8 | okay, and that is amplified with leverage. Number two, you're paid by cash flow from the tenant |
| 1:57.5 | rent payments. Number three, you benefit financially from loan principal paydown, |
| 2:03.0 | also known as loan amortization each month, which is actually a benefit that you don't get in your |
| 2:09.4 | primary residence. Because in your primary residence, the loan paydown portion, that principal |
| 2:14.5 | pay down, that came from your pocket. In cash flowing rental property, |
... |
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