The WealthAbility Show with Tom Wheelwright, CPA Real Estate & Tax Strategies
Apr 5, 2024
Brad Sumrok, expert in multi-family real estate, shares tax strategies and benefits for real estate investors. Topics include tax planning, incorporating tax strategies in business plans, real estate investments, maximizing tax benefits, historical tax incentives in real estate, and the importance of financial education.
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Brad's Tax Journey
- Brad Sumrok initially paid substantial taxes, nearing a million dollars annually, due to unawareness of tax strategies.
- After learning about and implementing these strategies, his tax burden significantly decreased, even reaching zero in some years.
Maximize Depreciation
- Invest more directly in real estate deals to maximize depreciation benefits.
- Depreciation follows capital investment, offering greater tax advantages with higher investment amounts.
Hesitation Overcome by Tax Benefits
- Initially hesitant, Brad invested heavily in a deal due to its tax benefits, despite market concerns.
- The deal proved successful, exceeding projected returns and demonstrating the power of considering tax advantages.