BiggerPockets Real Estate Podcast

chevron_right

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

whatshot 10 snips

Feb 10, 2022

Guest

Tom Wheelwright

Tom Wheelwright, a CPA and advisor to Robert Kiyosaki, shares invaluable insights on tax strategies for real estate investors. He discusses how the wealthy minimize their tax burdens while everyday investors can also benefit. Learn about depreciation, tax incentives versus loopholes, and how to build a systematic investment approach. Wheelwright emphasizes leveraging real estate debt and understanding IRS guidelines to maximize deductions. His practical steps could lead to significant savings and empower investors to grow their portfolios without the tax pinch.

01:25:36

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

insights

INSIGHT

Government Incentives

Governments incentivize investments in areas like real estate, energy, and agriculture.
They offer tax breaks to encourage investment and stimulate economic activity.

question_answer

ANECDOTE

Amazon Tax Incentives

Governments often make more money from successful entrepreneurs due to job creation and increased economic activity.
They view tax incentives as investments that generate higher returns in the long run.

insights

INSIGHT

Debt and Deductions

Combining real estate investment with debt increases the deduction ratio.
This allows investors to claim tax benefits on the bank's money as well as their own.

Get the Snipd Podcast app to discover more snips from this episode

Essential Tools for Real Estate Investors: Tenant Screening and Financial Management

03:57 • 2min

chevron_right

Tax Strategies in Real Estate Investment

06:06 • 18min

chevron_right

Maximizing Tax Benefits in Real Estate

24:10 • 11min

chevron_right

Navigating Real Estate Taxation and Management

35:04 • 19min

chevron_right

The Essential Role of Insurance in Real Estate Investing

54:30 • 5min

chevron_right

Systematic Real Estate Investing

59:05 • 5min

chevron_right

Maximizing Tax Benefits in Real Estate

01:04:02 • 17min

chevron_right

Building Wealth Through Real Estate: The Importance of Professional Support

01:20:33 • 2min

chevron_right

The Value of Professional Guidance in Property Management

01:22:54 • 5min

chevron_right

• Mentioned in 517 episodes

Rich Dad Poor Dad

What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not

C.P.A. Sharon L. Lechter

Robert Kiyosaki

The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money.

#3050

• Mentioned in 16 episodes

Tax-free wealth

How to Build Massive Wealth by Permanently Lowering Your Taxes

Tom Wheelwright

This book, now in its third edition, provides strategic approaches to minimizing tax liabilities and accumulating wealth. Tom Wheelwright updates his work to include the latest tax reforms and strategies, emphasizing proactive tax planning and dispelling common misconceptions about taxes. The book covers topics such as tax deductions, credits, and incentives, and explores various avenues for individuals and businesses to legally minimize their tax burdens, leading to increased profitability and financial freedom. It includes practical examples, case studies, and actionable strategies for achieving tax-free wealth and securing a brighter financial future.

#13796

• Mentioned in 4 episodes

The Win-Win Wealth Strategy

7 Investments the Government Will Pay You to Make

Tom Wheelwright

The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make is a guide to tax-advantaged investments. It explores seven specific investment strategies that can help readers reduce their tax burden while building wealth. The book provides practical advice and examples of how to utilize these strategies effectively. It emphasizes the importance of understanding tax laws and regulations to make informed investment decisions. The book is written by Tom Wheelwright, a renowned CPA and author, known for his expertise in tax planning and wealth management.

#79175

More Important Than Money

An Entrepreneur's Team

Rich Dad Advisors

Robert Kiyosaki

In 'More Important Than Money', Robert Kiyosaki and the Rich Dad Advisors highlight the crucial role of a trusted team in turning business ideas into successful ventures. The book features contributions from experts in real estate, asset protection, taxes, sales, and more, emphasizing the B-I Triangle and the 8 Integrities of a Business. It underscores the value of surrounding oneself with specialists who are 'smarter than you are' to achieve financial success.

If you’re asking your CPA how to not pay taxes, this may be the perfect episode for you. In fact, this episode is geared towards anyone making money in real estate, and listening could save you a massive amount in taxes 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 invest in more deals?

Tom Wheelwright is the exact man to ask this question to. He’s so good at what he does, that he’s been advising Rich Dad Poor Dad’s Robert Kiyosaki for decades. Tom is dedicated to minimizing the tax burden that he and other investors suffer from. If you’ve read Rich Dad Poor Dad, a lot of Tom’s strategy will sound familiar, but in reality, it’s what all intelligent investors are doing.

In today’s episode, Tom walks through the biggest areas where real estate investors can cut their tax bills, how to generate losses through depreciation, building an investment system, and the five steps to eliminating income tax from your real estate deals. If you make money in real estate, no matter how, this is information you can NOT live without.

In This Episode We Cover:

Why rich investors pay fewer taxes than those who are employed or self-employed

Tax incentives vs. loopholes and why one is risky and the other is celebrated

Where investors can look to greatly reduce their taxable income

How real estate debt gives investors far less risk in their deals

Deprecation, recapture, and how real estate gives you a leg up on income tax reduction

Whether or not you should hold a real estate investment in an LLC

And So Much More!

Links from the Show:

BiggerPockets Website

BiggerPockets Youtube Channel

BiggerPockets Podcast