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Rental Income Podcast With Dan Lane

Bonus: Can Rentals Help You Save Money On State Taxes? Do LLC's Cut Your Tax Bill?

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.8836 Ratings

🗓️ 9 September 2021

⏱️ 14 minutes

🧾️ Download transcript

Summary

Ashish from InvestorFriendlyCPA.com answers a listener's question about if buying a rental in another state will help him save money on his state taxes.

We also talk about if owning a rental in another state can help you save money on taxes.

Transcript

Click on a timestamp to play from that location

0:00.0

inspiring interviews with today's top landlords this is the rental income podcast and now dan lay i've got a

0:10.1

bonus episode of the podcast for you today so a couple of days ago i got an email from a listener who

0:17.0

was curious about if it was possible to save money on your state taxes with rental properties.

0:23.6

Now, obviously, there's a lot of ways to save money on your federal taxes,

0:28.0

but I wanted to explore to see if it was possible to save money on your state taxes.

0:34.1

I also have a couple of questions about LLCs and how the LLCs interact with your taxes.

0:41.3

So I thought it would be a good idea to bring on a CPA today to pick his brain and see what we could learn about trying to lower our tax bills.

0:50.7

So let's take a really quick break.

0:52.6

We'll thank our sponsors.

0:53.9

We'll come right back and we'll meet

0:55.6

Ais, who is an investor-friendly CPA. A good deal on a rental property isn't going to last very long.

1:02.4

To win properties today, you need to move quickly when a deal comes on the market. But it takes

1:07.7

time to analyze a property. I want to let you know about an app where you can analyze

1:12.5

deals on your phone in seconds. It's called Ask Rick. That's RIC for Rental Income Calculator.

1:20.5

You can analyze a deal with the push of a button. You can figure out the rent, your mortgage payment,

1:25.3

your expenses, and figure out the cash flow.

1:28.6

If the numbers make sense, you can make an offer right there on the app, or you can send a calendar

1:33.2

invite to your agent to see the property in person. Ask Rick is currently offering a free

1:39.0

seven-day trial. Just search for Ask Rick in the app store, or go to Just Ask Rick. That's RIC, Just Ask Rick.com.

1:49.4

Proving trust is more important than ever, especially when it comes to your security program.

1:55.2

Vanta helps centralize program requirements and automate evidence collection for frameworks like Sok2, ISO-2, ISO-2701 and more,

2:03.8

so you save time and money and build customer trust. And with Vanta, you get continuous visibility

...

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