Real Estate: How to AVOID Paying Taxes (Legally!) (with Tom Wheelwright) Tom Wheelwright is correct: the tax code is really the 6000-page guide to lower your taxes. So what tax benefits does real estate have now? Join Ken McElroy and Rich Dad Advisor, Tom Wheelwright, in a conversation about how to (legally) lower your taxes […]
There have been a lot of tax law changes from the new administration, so how you normally structure your tax write offs may not be the best way to do them this calendar year. Today, I am joined by Tom Wheelwright who is a very knowledgeable CPA and we are going to discuss all things […]
While many of the events of last year were unpredictable and unprecedented, we’re now at the time of year when we need to address a very predictable and recurring event: paying your taxes. If you’re a real estate investor, there are numerous deductions you can claim, including some you may not be aware of.
Before I get into the particular deductions, my number one piece of advice is to hire an experienced CPA. While it may be tempting to save some money by doing your own taxes, real estate tax law is extraordinarily complex and you could easily wind up paying more than necessary. It will be well worth your time and money to hire a CPA to make sure you follow the best approaches for your deductions and you take advantage of all of them.
People often times miss this very important question. They try and measure the cashflow of the future value, or they say they don’t mind feeding it some money each month. To be direct, it is only a good investment if it cashflows based on the rents and expenses of today, not the future rents you think you will get five years from now. Cashflow is the most important thing when deciding on a rental property.
In this episode, Ken talks with Tom Wheelwright about how to enjoy the full benefit of active real estate income as a passive investor.
In this week’s episode, Tom Wheelwright discusses important tax strategies that every real estate investor should be aware of and consider. Tom has a great ability to explain complex tax code in a way that is understandable for busy entrepreneurs and investors. To learn more about Tom, please visit his website.