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White Coat Investor Podcast
WCI #352: How to Reduce Capital Gains on Property Sales
Feb 1, 2024
58:24
Snipd AI
Topics include reducing capital gains on property sales, buying a house during residency, shopping for a new car, buying into a practice, and tax tips. Different types of mortgages for doctors are discussed, including physician mortgages for young doctors and conventional mortgages for established doctors. The podcast also covers the tax implications of small businesses, the importance of contract review for investments, and the value of financial literacy and discipline.
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Quick takeaways
- Physicians should carefully choose the most financially beneficial mortgage option when buying a home.
- The legal structure of a small business is not a significant factor in college applications; focus on highlighting experiences and skills.
Deep dives
Tax considerations for a small business
When it comes to tax purposes for a small business generating around $1,000 in annual gross revenue, forming an LLC or an S-Corp seems unnecessary and excessive. The cost and hassle of setting up and maintaining these entities would likely outweigh any potential tax benefits. Instead, reporting the income on a Schedule C as a sole proprietorship would be more appropriate. The tax liability for such a small business is usually minimal, and there is no need to complicate matters with complex tax structures. Besides, the business owner can claim various deductions on a Schedule C. It is always recommended to consult a tax professional for personalized advice.
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