Get Rich Education 230: Tom Wheelwright | How To Be A Real Estate Pro, Bonus Depreciation
#230: It's Rich Dad Month, Week 1 of 4.
If you work at a W-2 job, learn how to reduce your taxes.
Become a “real estate professional”. If you’re married with a stay-at-home spouse, you increase your chances.
To qualify as a real estate professional, RE must be your principal activity and consume at least 750 annual hours.
There are four income types for tax treatment:
1) Earned
2) Ordinary
3) Capital gains
4) Passive
Passive losses are only deductible against passive income.
We’ve recently undergone the most sweeping tax changes since 1986.
Your bonus depreciation benefit was introduced in Trump’s Tax Cuts And Jobs Act - are you taking advantage of it?
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