569: Rich Dad's CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate w/Tom Wheelwright 01:28:36

    <p>If you’re asking your CPA <a href="https://www.biggerpockets.com/blog/capital-gains-tax"><strong>how to not pay taxes</strong></a>, this may be the perfect episode for you. In fact, this episode is geared towards <strong>anyone </strong><a href="https://www.biggerpockets.com/blog/2012-09-02-top-ways-to-make-money-real-estate"><strong>making money in real estate</strong></a>, and listening could <strong>save you a massive amount in taxes</strong> over your lifetime. But isn’t tax reduction only for the ultra-rich? How can the average, everyday investor who has one, two, or a dozen rentals keep more of their capital so they can <strong>invest in more deals</strong>?</p><p><a href="https://wealthability.com/"><strong>Tom Wheelwright</strong></a> is the exact man to ask this question to. He’s so good at what he does, that he’s been <strong>advising </strong><a href="https://www.biggerpockets.com/richdadpoordad"><strong><em>Rich Dad Poor Dad</em></strong></a><strong>’s Robert Kiyosaki </strong>for decades. Tom is dedicated to minimizing the tax burden that he and other investors suffer from. If you’ve read <em>Rich Dad Poor Dad,</em> a lot of Tom’s strategy will sound familiar, but in reality, it’s what all intelligent investors are doing.</p><p>In today’s episode, Tom walks through the biggest areas <strong>where real estate investors can cut their tax bills</strong>, how to generate losses through <a href="https://www.biggerpockets.com/blog/beginners-guide-depreciating-investment"><strong>depreciation</strong></a>, building an investment system, and the<strong> five steps to eliminating income tax</strong> from your real estate deals. If you make money in real estate, no matter how, this is information you can NOT live without.</p><p><strong>In This Episode We Cover:</strong></p><p><strong>Why rich investors pay fewer taxes </strong>than those who are employed or self-employed</p><p>Tax incentives vs. <strong>loopholes </strong>and why one is risky and the other is celebrated</p><p>Where investors can look to <strong>greatly </strong><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-54-6-ways-reduce-taxable-income-eric-brotman"><strong>reduce their taxable income</strong></a><strong> </strong></p><p>How <a href="https://www.biggerpockets.com/blog/good-debt-real-estate"><strong>real estate debt</strong></a> gives investors far less risk in their deals</p><p><strong>Deprecation</strong>, recapture, and how real estate gives you a leg up on income tax reduction</p><p>Whether or not you should <strong>hold a </strong><a href="https://www.biggerpockets.com/blog/real-estate-llc-not-best-option"><strong>real estate investment in an LLC</strong></a></p><p>And <strong>So </strong>Much More!</p><p><strong>Links from the Show:</strong></p><p><a href="https://www.biggerpockets.com/">BiggerPockets Website</a></p><p><a href="https://www.youtube.com/channel/UCVWDbXqQ8cupuVpotWNt2eg">BiggerPockets Youtube Channel</a></p><p><a href="https://www.biggerpockets.com/podcast">BiggerPockets Podcast</a></p><p><a href="https://www.biggerpockets.com/blog/biggerpockets-podcast-500-robert-kiyosaki">BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming</a></p><p><a href="https://www.amazon.com/">Amazon</a></p><p><a href="https://www.airbnb.com/">Airbnb</a></p><p><a href="https://www.investwithdavidgreene.com/">Invest with David Greene</a></p><p><a href="https://www.richdad.com/products/cashflow-the-board-game">The CASHFLOW GAME by Robert Kiyosaki</a></p><p><a href="https://podcasts.apple.com/us/podcast/quitting-your-9-5-for-real-estate-investing-with/id1465180254?i=1000536270830">The Real Estate Strategies Podcast with Ken McElroy: QUITTING Your 9-5 for Real Estate Investing (with BiggerPockets' David Greene)</a></p><p><a href="https://kenmcelroy.com/">Ken McElroy's Official Website</a></p><p><a href="https://www.richdad.com/">Robert Kiyosaki's Official Website</a></p><p>Listen to the full episode: https://www.biggerpockets.com/show569</p>
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