Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire, brought to you by the HubSpot podcast network with great shows like The Shake Up.

And today we'll be talking about our income report for August 2021 in Fire Nation. We have some cool things that happened in the month of August.

We'll be talking Nashville, Tennessee, our first in-person conference in a really long time. Kate was the opening keynote. We'll talk about that.

I got to meet and hang out and get a pretty cool pick with Mark Cuban, so we'll talk about that because he was the closing keynotes.

We'll also talk with of course our CPA, Josh Barely, about the true tax benefit to real estate and so much more.

I mean we have a lot to talk about with our gross income being $245,000. Our total expenses being $21,946. Our total net profits was $223,853 for a 91% net profit overall gross revenue.

We are really getting those numbers up and up and up. I'm super proud of that.

So don't miss this income report. It's a great one. We'll be back after we think our sponsors. According to a survey over two thirds of Americans are planning to travel this summer.

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All right fire nation. Hold on to those afterburners because we are going to dive right in today with our CPA on fire. Josh Barely, he is going to talk about the true tax benefit.

To real estate. You don't want to miss this one. So Josh take it away brother. So John you know my favorite type of tax tip is one where I can give kind of a personal anecdote or personal example.

Something that either I've recently done or EO fires recently done. And something came up just this past month or these past few weeks.

That I could use as a perfect example and it's something that both you've done I've done. And a lot of people talk about in the tax world.

And that is the tax advantages to purchasing and selling real estate right I think most people hear that all the time it's real estate offers these great tax advantages you've got to take advantage of them.

And I will say that I think that is overblown to a point. But there are some some good advantages to being in real estate when it comes to taxes.

And while owning real estate used for either investment or business purposes you have several benefits both on the front end and on the back end.

And the big one that people talk about and it is a big one is the subject of depreciation right and that's where let's say you buy a rental house for $500,000 you get to depreciate that over 27 and a half years and you take that tax right off every year.

And a lot of people call it a phantom deduction right and a phantom expense you never actually pay that out but you get to deduct it on your taxes.

So you just take the purchase price you divide it by 27 and a half years there's a little bit more involved in that but roughly that'll get you the number that you get to deduct every year for those 27 and a half years.

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