This show has created more financial freedom for busy people like you than nearly any show in the world.Wealthy people's money either starts out or ends up in real estate. But you can't lose your time. Without being a landlord or flipper, you learn about strategic passive real estate investing to cr… read more
#168: Reduce your taxes by 10-40% in just three months. Rich Dad Tax Advisor Tom Wheelwright is back again to tell us how.
Tom and I discuss the IRS’ coveted Real Estate Professional designation - the benefits, what you must do, and what you must not do.
If you outsource property management, will that prevent you from the RE Professional designation?
Some U.S. states have annoyingly high transfer taxes. We discuss a strategy to avoid paying it.
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my new, best-selling paperback: getbook.at/7moneymyths
Listen to this week’s show and learn:
01:02 Invest for income.
03:17 Real estate is a great tax shield.
08:00 Motivation and mindset behind tax reduction.
12:44 The tax code is a treasure map for deductions.
15:31 The Real Estate Professional designation.
20:22 Property management and the RE Professional designation.
24:28 Transfer tax in real estate.
27:34 Assets vs. Liabilities.
29:22 LLCs and transfer tax.
30:51 You can’t reach your dream by paying high taxes.
Resources Mentioned:
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