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Ever since the new tax law was announced, there’s been a lot of chatter in the real estate world about how investors will be affected. And because the tax law recently underwent the biggest overhaul in over 30 years, there are a lot of details to digest.
On this episode of Investing in Real Estate, we are welcoming back our favorite CPA, Tom Wheelwright to discuss the intricacies of the US tax law. Tom knows the ins and outs of the tax code, and on today’s show he is clearing the air about some common misconceptions and worries. We’ll discuss pass through entities, interest deductions, and more. As always, Tom is a wealth of information; don’t miss this episode!
More About This Show
Tom Wheelwright is a tax genius who authored the book, Tax-Free Wealth. He is the founder and CEO of WealthAbility, as well as the personal tax advisor of “Rich Dad,” Robert Kiyosaki. Whenever Natali and I have a tax question or concern, Tom and his team are our go-to resource.
One of the biggest changes in the new tax law is how businesses are taxed. In addition to benefiting from a permanently lower tax rate, a last minute provision to the tax law also positively effects investors. This allows a tax cut to pass through entities, such as an LLC. This permits investors to take a 20% deduction if you earn passive income in a pass through entity.
Although you might have heard this topic debated in a political context, Tom explains that the tax code has always favored businesses and investors. He explains that the tax code is nothing more than a series of incentives that the government uses in order to encourage people to participate in certain behaviors.
Because providing housing to others is a generous act, the tax code offers incentives and deductions for investors to. take advantage of. On today's show, Tom is walking us through the many ways investors can benefit through the tax code. We'll talk about interest deductions, bonus depreciation, and Tom's new business. Tom is also discussing how to change the way you approach taxes, and how to find the best CPA for your business!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. 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:
- Is HELOC interest still deductible in 2018?
- What is the most efficient way to do a cost segregation?
- Why is Section 179 of the tax code important for investors?
- Other than real estate, what is a performing asset?
- And much more!
Tax-Free Wealth by Tom Wheelwright
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