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Real Estate Training & Coaching School

Understanding how IRS Code 179 Saves You Money

Real Estate Training & Coaching School

Real Estate Training & Coaching School

Business News, News, Careers, Business

4.4705 Ratings

🗓️ 17 April 2018

⏱️ 29 minutes

🧾️ Download transcript

Summary

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Schedule A Free Coaching CallVisit Tim & Julie Harris OnlineListen on iTunesListen on Stitcher

Transcript

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0:00.0

Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.

0:21.2

Real Estate Coaching Radio is the nation's number one daily radio show for realtors

0:25.9

who demand authentic real-time coaching.

0:29.1

Get ready for fluff-free, unfiltered, full-strength honesty about what's truly working

0:34.0

to get you into action, helping others, and making money now in today's real

0:38.6

estate market.

0:39.8

Now to our hosts, Tim and Julie Harris.

0:45.8

Welcome back to Real Estate Coaching Radio.

0:48.1

We are your host, Tim and Julie Harris.

0:49.9

I have to say, we're talking about one of those things today that some of you are just going to say,

0:54.8

oh my God, damn, and Julie, what are you talking about IRS tax codes for? Well, I'm going to tell you

1:00.2

guys a true story. I'll never forget this. So, Julie and I, our first year in business, in our early

1:06.8

20s, we sell over 100 houses our first year. 103 houses or something like that. And what I'm telling you guys is the bare bones

1:13.2

truth of how it happened. We were not keeping track of how many houses we were selling.

1:17.6

We had no real idea.

1:20.3

Julie and I were, like I said, we were in our early 20s. We'd never made any money, never sold

1:25.2

a bunch of houses, never nothing. We'd owned a couple businesses beforehand, but certainly nothing on the scale of what we were doing in real estate. We didn't know when Julie and I started out as remax agents, and our broker's two rules were, when we joined the remax office was, pay your bill on time and don't, you know, don't cause me trouble. That was it. So there were no office meetings. There was no training.

1:44.5

There was no nothing.

1:45.4

You just basically were put cats to the wind and you either sunk or swim. And as long as you paid your remax bill on time, well, then great. And that's, frankly, the best way to run a brokerage. If you ask me, that's the only way to run a brokerage. Agents will do or they won't. So we were on our own devices and Julie and I started shadowing, top producing agents around the country. We would pay to drive to, you know, that's what we did. We drove a couple agents, one to Colorado, just different places. And then as a result of that, we just started selling just a crap ton of houses. I mean, we were, and then we were listening to a lot of Howard Brinton tapes. We were reading whatever we could. There was no internet then. There were no, there were barely cell phones. Cell phones came around in the late 80s. By the time we were in real estate, there were. The MLS wasn't even online. Yeah, the MLS is there a paper. You know, a lot of you guys are laughing

2:36.9

because it sounds like we're talking about. state there were the MLS wasn't even online yeah the MLS is there a paper you know a lot of you guys

2:36.5

are laughing because it sounds like we're talking about right no electronic it sounds like we're talking about

2:41.1

the stone age but it was only only 20 years ago now I realize some of you listening aren't even 20 years

...

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