Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

AIPIS 116 – Why Income Property is the Most Tax-Favored Asset Class with Diane Kennedy, CPA

  • Broadcast in Finance
  • 0 comments
Accredited Income Property Invest

Accredited Income Property Invest

×  

Follow This Show

If you liked this show, you should follow Accredited Income Property Invest.
h:1054237
s:9964737
archived

This episode is all about taxes, and how as a real estate investor you may be able to avoid paying them. Think of how much faster you can build your wealth if you use the 30% you would be giving to the IRS to re-invest in additional properties. The government wants us to do this. And, if you are a real estate professional who owns an investment property you should not be paying taxes. If you are paying taxes, you have the wrong CPA working for you.

 

Key Takeaways:

[2:48] Defining tax drag

[5:31] A stepped-up basis – aka no depreciation recapture for heirs

[7:10] CRT – Charitable Remainder Trust

[9:09] Life insurance policy as an investment or as asset protection

[11:31] The magic of the Real Estate Professional status

[18:50] Getting a retroactive Aggregation Election within the statute of limitations

[21:40] Effectively self-managing a distant property

[27:07] What if I have a real estate license?

[29:54] ‘Married filing jointly’ is required for US taxes

[31:24] Contact Diane for tax advice

[31:40] Pay attention to the business structure you have for your properties

[34:56] Investors need to be careful with LLCs and offshore corporations

[35:44] Depreciation is the Holy Grail to tax write-offs

[36:02] Qualifying for the IRS tax depreciation for owners of investment properties

 

Mentions:

Hartman Media

Jason Hartman - Properties

US Tax Aid

Comments

 comments