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Millennial Investing - The Investor’s Podcast Network
MI344: Growing Your Wealth, Shrinking Your Taxes w/ Grant Dougherty
Apr 15, 2024
52:50
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Grant Dougherty, a tax professional specializing in real estate, shares lessons from college baseball, tax-saving strategies, and financial moves for small business owners. Topics include cost segregation, bonus depreciation, mistakes in taxes, and utilizing real estate investments for deductions.
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Quick takeaways
- Utilizing tax strategies like cost segregation and bonus depreciation can offset W2 income for high earners.
- Lessons from college baseball apply to business success through discipline, time management, and competitiveness.
Deep dives
Tax Strategies for High W2 Earners and Real Estate Professionals
For high W2 earners, having one spouse manage rental properties to qualify as a real estate professional can unlock losses generated from the property. By utilizing strategies like cost segregation and bonus depreciation, these losses can offset W2 income, providing significant tax benefits. The episode discusses the importance of understanding real estate professional status and utilizing tax strategies to maximize deductions and optimize tax savings.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode