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
4.8 • 836 Ratings
🗓️ 9 September 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
We also talk about if owning a rental in another state can help you save money on taxes.
Transcript
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| 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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