EP022: How to Maximize Depreciation - Interview with Tom Wheelwright

Taxes can be confusing, and when you’re investing in real estate, there’s even more to consider. That’s why we’re welcoming Tom Wheelwright back to the podcast to talk about how real estate investing can mitigate other tax burdens, and how you can make sure you’re getting the most benefits out of your investments.

Tom Wheelwright is a tax genius who authored the book, Tax-Free wealth. He is the founder and CEO of ProVision, as well as the personal tax advisor of “Rich Dad,” Robert Kiyosaki. Today on Investing in Real Estate, Tom is covering everything you need to know about real estate investing taxes.

More About This Show

In terms of taxes, Tom calls real estate investing “a little piece of magic.” This is because from a tax standpoint, you get a deduction not only for the money you’ve invested in your property, but also the money the bank has invested.

Tom has always worked with real estate taxes, because he finds it fascinating. Your property typically increases in value, you pay no money on your cash flow, and by leveraging your investment correctly, and you can create a cash flow.

Real estate investing can mitigate other tax burdens for those who are in a highly taxed income bracket. This is why it’s a wise idea to take the money you’ve earned in your business, invest it in real estate properties, and get the tax benefits to offset earned income.

On today’s show, Tom also shares his insight into 1031 exchanges, the importance of being organized, and how to take full advantage of depreciation in your real estate investments.

Additionally, Tom is giving you two ways you can find a well-educated accountant who can help you make the best decisions about your real estate investments, and reap the most tax benefits.

If you're ready to begin building a passive income through real estate,

We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you’ll learn:

  • Why you should never put a real estate investment inside an IRA.
  • What does Tom consider the ultimate magic in real estate?
  • Why your tax advisor and tax preparer should work for the same company.
  • How to set up your business structure for real estate investing.
  • The importance of cost segregation.
  • And much more!

Episode Resources
ProVision Wealth Strategists
Call ProVision at 866-467-5809
Tax-Free Wealth by Tom Wheelwright
Rich Dad Poor Dad by Robert T. Kiyosaki
Find Your Financial Freedom Number
Like Morris Invest on Facebook

Connect with Tom Wheelwright
Website
Facebook
Twitter
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