Everyone wonders how the rich avoid taxes. To most Americans, it seems like there is some big loophole that only the mega-wealthy know about, leaving average workers strapped with a large tax bill. Are the ultra-wealthy cheating the tax code, or are they onto something that everyday Americans simply don’t know about? Tom Wheelwright, author of Tax-Free Wealth and Rich Dad’s (Robert Kiyosaki) CPA is here to tell you how to take advantage of these big tax deductions that mystify small-time investors.
If you’re already investing in real estate, you’ll know that the tax deductions can be plentiful. You get mortgage interest, depreciation, maintenance, and insurance write-offs. But, even bigger than those, are bonus depreciation and cost segregation, which aren’t complicated tax strategies and can help almost any investor reduce their tax bill significantly. So what can an average investor like you do to get started saving on taxes?
Tom walks through the 2022 tax deductions that are decreasing this year, which to take advantage of immediately, how to find the right CPA for you, and which write-offs you may be missing. These tips could reduce your taxes by a significant amount, freeing up much more of your capital for future real estate deals!
In This Episode We Cover:
The disappearing tax deductions that every investor should take advantage of
How the wealthy avoid taxes by buying real estate and getting into debt
Renting vs. buying and which makes more sense in 2022 as affordability plummets
Using cost segregation and bonus depreciation to wipe out your tax bill
How to work with the government, instead of against it, to build wealth faster
The best 2022 real estate tax strategies that small or large real estate investors can implement
And So Much More!
Links from the Show
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Hear Our Past Interview with Tom on 5 Steps to Eliminate Income Tax
Listen to The Rent vs. Buy Debate on This Week’s Episode of On The Market
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Books Mentioned in the Show
Tax-Free Wealth by Tom Wheelright
The Win Win Wealth Strategy by Tom Wheelright
Connect with Tom:
Tom's Website
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-631
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