How The Rich Avoid Paying Taxes | Karlton Dennis
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 30 July 2024
⏱️ 18 minutes
🧾️ Download transcript
Summary
How do the rich avoid taxes??
In this video, I'm chatting with Karlton Dennis. He goes over how you can use depreciation and cost segregation studies to create significant tax advantages. Discover why real estate offers unparalleled tax benefits and learn actionable strategies that you can implement today to minimize your tax liabilities and maximize your income.
Whether you're a seasoned investor or just starting out, this video is packed with invaluable knowledge that can transform your financial future.
**What You'll Learn:**
- How depreciation works and its impact on your taxes
- The benefits of cost segregation studies
- The role of a real estate professional in tax planning
- How to qualify for significant tax deductions
- Insights into self-directed IRAs for real estate investments
Karlton shares his deep insights and practical advice on leveraging the tax code for real estate. We also go over how to offset your W2 and 1099 income.
Connect with Karlton!
Website: https://karltondennis.com/
IG: https://www.instagram.com/karltondennis/?hl=en
YouTube: https://www.youtube.com/channel/UCEc3bAbOtPEUIgpNkViF_PQ
Learn how to invest in real estate with the Cashflow 2.0 System! Your business in a box with 1:1 coaching, motivated seller leads, & softwares. https://www.wealthyinvestor.com/
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generated over 1 billion views online. Starting as a minor league baseball player making less than $2,000 a month, Ryan is now worth over $100 million. He shares his experiences in building wealth and believes that anyone can change their life with real estate investing.
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Transcript
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| 0:00.0 | Why do all these rich people say you don't have to pay taxes? |
| 0:02.6 | Because you don't have to pay taxes. |
| 0:04.6 | The tax game is a system and until you learn that it is a game, |
| 0:09.6 | you are not going to be able to leverage the tax code. |
| 0:12.0 | The wealthy people have been playing |
| 0:13.2 | this game for years and they have fun at leveraging the tax code. |
| 0:17.0 | Yeah, so I think you would agree but I'm just going to say it. I think that real estate gives the most tax advantages out of anything in the tax code. |
| 0:29.6 | Absolutely. So why is that? What is it about real estate that allows you to not have to pay taxes? |
| 0:35.6 | What it is about real estate is when you're going into real estate you're buying such a big |
| 0:41.4 | asset and because you're buying such a big asset the And because you're buying such a big asset, |
| 0:44.0 | the government is going to turn around |
| 0:45.3 | and give you depreciation. |
| 0:47.2 | Depreciation allows for you to create a paper loss |
| 0:50.8 | on your tax returns that can offset W2 and 1099 income depending on how |
| 0:55.4 | you're leveraging that investment property. So you see a lot of wealthy |
| 0:58.6 | investors in buying real estate year over year and doing strategies like the cost segregation |
| 1:04.1 | study to create a paper loss on the returns that can offset their active income. |
| 1:08.4 | So explain to people how depreciation actually works like numbers wise like if I buy a property here in |
| 1:14.4 | Vegas you know let's say it's a five hundred thousand dollar home yeah you know |
| 1:18.4 | median price you know how is that going to help me not pay taxes? |
| 1:22.8 | Yeah, so when you buy an investment property, |
| 1:24.8 | you're buying two different things. |
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