Tax Considerations + 2021 Tax Updates with Tom Wheelwright

well hello everybody welcome to tax talk when we get together and talk all things tax as they relate to real estate and today syndication my name is robert helms host to the real estate guys radio program with me it is co-host financial strategist russell grey hey russ hey robert hey everybody every time we get a chance to talk tax i know you love that and tax is part of the reality of all real estate investors whether you are just starting out and you're looking at how does investing in real estate kind of overlap into your regular day job or your business the way you earn money all the way up to of course real estate investors don't pay a lot of tax as we're going to learn today we're super excited to have tom wheelwright with us in fact tom has been on tax talk before but recently we were able to pick tom's brain regarding real estate syndication so for folks that are raising money as well as for the updates that are happening this year so tom will wright is a certified public accountant and real estate investor you probably know him as the best-selling author of tax-free wealth and the rich dad advisor for tax tom also hosts the wealthability show that's his podcast and tom is an awesome guy as you're going to hear now let's say hello to tom wheelwright hey tom hey thank you robert thank you russ it is so good to um be with everybody here on the in the syndication show right this is syndicators i wish i could have been there um live uh next best thing but this is this is good recording so this should be great so for those of you don't know me maybe a little bit about my background um i grew up in salt lake city utah a good mormon boy spent two years learning how to take rejection in paris france and then spent another couple of years at the university of utah to get my undergraduate in accounting and a couple of years at the university of texas to get my master's of professional accounting with an emphasis in tax i spent seven years with ernst young the largest cpa firms in the world including three years in the national tax office four years as the in-house tax advisor for a fortune 1000 company 14 years as an adjunct professor in the masters of tax program at arizona state university and about 25 years of building cpa firms for the last several years i've been traveling a lot with mr kiyosaki robert kiyosaki of rich dad poor dad fame we travel around the world and because we travel so much around the world the most common question i get is how do i find somebody like you here and so the last couple of years i've been spending most of my time developing a network of cpas we are now you guys didn't know this but we are now international we have a cpa firm in canada we have cpas all across the u.s and next year we'll launch across the oceans so very excited to be here with you all uh like robert said i am a real estate investor i do believe that it is different when you're doing it yourself you have a little better understanding but i also appreciate what you said russell about cachet because um that is actually when you're trying to establish credibility um your team is going to establish the credibility for you so i appreciate that russell that's a really good point um that i think people don't pay attention to and who your who your cpa is is actually going to play a part in that um as to who's on your team we do um in in my little cpa firm i handle uh about 50 clients in our little cpa firm and we handle a couple of very large real estate syndicators and uh we know that our name is in those syndications as part of their team so we i appreciate that russell so let me start a little bit with just kind of a little bit how the tax law actually works um some of you have seen me speak before you so you will have seen this but it's always good to review that's how we learn and i'm going to start by using robert kiyosaki's cash flow quadrant book number two after rich dad poor dad to make this illustration and it's really going to illustrate um the point you guys made earlier about who pays tax and uh how much tax they pay because the reality is once you become proficient at real estate syndication if you're paying tax that's a problem okay and that's legally so very clearly just be really clear everything we're going to talk about is legal ethical moral no cheating allowed so there are really four ways that we really can make any kind of significant income one is as an employee one is as a small business self-employed specialist doctor lawyer accountant one is as a big business owner and one is as what we would call an inside investor and this is exactly appropriate for this for you guys because as syndicators you are by definition an insider okay you're gonna see deals that other people never see you're gonna have opportunities that other people never have what's really fascinating been fascinating to me as i've traveled around the world with uh my friend robert kiyosaki is that how you make your money has a major impact on how much tax you pay because the rules are not the same for everybody if you've ever heard the idea oh the tax law is not fair well it's it's it i think it's fair it's just fair if you're doing the right things okay everybody gets to do the same things everybody has the same opportunities to do the same things it's just that most people don't know what you can do so here's what happens typical employee which is a good eighty percent of the population is just employees okay that's where all their income comes from um outside of maybe a little stock market or cryptocurrency investing right they're going to pay about 40 if they're making a good income and that's by the way true all over the world that's not just the us that is a common tax rate around the world if they're self-employed typically they're going to be around 60 because they're paying the employee share of the tax but they're also paying the employers share of the tax so now you double up on taxes a big business owner is probably going to be down around 20 so when you hear a warren buffett say i pay i pay less tax than my secretary what he's really saying i pay a lower tax rate than my secretary because the secretary is paying tax at 40 and he's paying tax at 20 just the difference in how they make their money an inside investor with the right team should pay zero so let me give you an example of this so we just got through an election here in the u.s and you'll recall that we had one candidate joe biden who is now our president and he's always been employed so he paid right around forty percent thirty to forty percent that's what he said his vice president can't candidate kamala harris you saw their her enormous tax bill i'm going these guys need a new tax advisor they have this enormous tax bill well her husband's an attorney that's where he makes his money he's a specialist so he's going to pay upwards of 60 then we have over here the other candidate trump and what did they say what the new york times said the new york times said that 10 out of 15 years he paid zero well so the new york times is just aghast at this and every every tax advisor who knows real estate is like well duh of course he pays zero this is like he said in the 2016 campaign that's because i'm smart okay he's smart he invests in real estate let me give you an example of this so you might remember that from the new york times article that he paid about 400 million he he earned about 400 million on the apprentice right about 400 million on the apprentice then what he did was he put that money over here into his real estate developments and he got back a 70 million dollar refund okay that is how it works folks that is exactly how it works but let me explain some of the primary differences between this side and this side that affect you from both uh how much money you're going to make and from a text standpoint so one of the things that happens over here and uh russell um alluded to this this is i think the three most expensive words in the english language do it yourself that's what these guys do you know if you want it done right you have to do it yourself that's what this is what we grew up learning right over here these people no it's all about a team you can't have by definition big business 500 employees that's a team okay syndicators you gotta have a team this is all about the team so these guys play a whole different uh sport right as uh kiyosaki says business is a and investing their team sports okay so you really can't be successful business investing if you're gonna do it yourself now okay so how do we get to the zero percent that's hopefully what you're thinking about and one of the things to remember is that the tax law is fundamentally this is what we talk about in tax free well the tax law is fundamentally a series of incentives okay so we have one line that says all incomes taxable unless they say it isn't we have one line that says nothing's deductible unless they say it is and then we have about 6 000 pages of instruction guide on how to reduce your taxes basically incentives but last year in the last 15 months we've had five count them five major tax bills in the last in the last 15 months five of them starting in january and then this ending with this last one everyone had tax implications guess what they were all incentives to do certain things think about this last one okay this last 1.9 trillion dollar helicopter money right so what was it it was incentives for you saw incentives in there for um children right the more children you have the more money you got you saw uh actually incentives for businesses in their restaurants got huge benefits in that bill you saw actually there were um incentives for unions there were incentives for um government workers i don't know if you saw this one uh robert russ you know that in that last bill there was a um there was a provision where if you're a federal worker you get 16 weeks off for covet paid paid leave 16 weeks federal federal employee so and and there were uh incentives for people who went to college and had a student loan okay i mean the bill was about it just they call it a stimulus bill right stemi spills incense every single tax bill is some kind of a stimulus bill remember taxes either are either an incentive or a punishment for doing what the government wants you to do well if that's the case then the question has to be what does the government want me to do right so why do these people over here get a 20 percent rate because they create jobs why do these people get a zero percent rate they create housing and energy that's what they're doing and in exchange the government says look you have a choice you can be a silent partner now we're all partners with the government like it or not you don't get to choose if if you're a full-time resident in the us or a u.s citizen you are a partner with the us government now you can be a silent partner and pay 40 or 60 in tax or you can be an active partner find out what they want you to do do it and pay 20 or 00 in tax what we're talking about in real estate now i was in washington dc in 1986. i've actually just so you know this is my 40th year doing taxes so i am as absolutely as old as i look and what what happened in 1986 was we had major tax reform what was the result of that major tax reform we had the worst real estate crash in history in 1989 1990 1991. we literally had acres of great real estate going for 50 cents a foot okay i mean this is the resolution trust uh corporation the banks owned a bunch of real estate the government ended up owning a bunch of real estate huge crash why because they took all the tax benefits away from investors in 1986 from real estate investors well around 1993 they added a bunch back that by the way was a result of this guy right here he was one it was his lobbying among others that got what we got the called the real estate professional status in 1993. that was a big ad back then of course he becomes president so what happens we get huge tax benefits for real estate in 2017. so what i want like to start with is just talk about a couple of the real estate tax benefits and then let's talk about how to use them because i believe my experience when i run the numbers is that in your first year your real estate tax the tax benefits from real estate are going to be by far the biggest return for your investors by far it's i mean there is there's no way you're going to get a better return on anything else in your real estate than tax in that first year if if you learn the rules and do it the way you're supposed to do it so let me kind of walk through some of that stuff so the first thing to understand in real estate when it comes to taxation is the big benefit is what we call appreciation and you mentioned my friend dave zuck so dave and i actually dave and i met on the cruise right that's when he learned that it was it was when we had these conversations on that cruise years and years ago that he learned wait a minute that's and that's when he came he came to work with us and we said look depreciation is like magic the very first time i was ever on stage by the way it's robert kiyosaki he said explain depreciation i said well it's magic it says why is that i said well because you get a deduction without losing any money it's really one of almost the only places you can get a deduction without losing any money all right most the time you have to actually spend it it's gone but real estate you buy real estate okay you haven't lost anything you've got the real estate it's worth the same amount you paid for it the day after okay unlike some things the day after right you buy a car the day after it's worth you know 30 percent less but real estate's worth at least as much the day after as it was the day you bought it and you can improve it and it keeps going up in value okay and it makes money but on top of that we get all these tax benefits called depreciation well what is depreciation well depreciation is really if you if you've got this let's say you've got this building here and you've got some landscaping here okay and you've got maybe some um you know some some outdoor lighting and uh we'll pretend this is lighting right and you've got some fencing and stuff like that right you got some fences over here right this is all something you paid for all that well okay you pay for it it's gonna where it's gonna have some wear and tear on how do we account for that well what we do is we get what we call depreciation so we know the land land here it's not going to have the depreciation is going to be zero right land doesn't wear out so it's going to be zero here well what about the what about over here what about the land improvements well they're going to wear out over about 15 years okay the building is going to wear out over somewhere between 27 to 39 years okay according to the government and what's inside the building flooring window coverings all that kind of stuff it's probably going to wear out in around five years so that wear and tear over those periods we get to deduct so if we paid a hundred thousand dollars for the outside for the land improvements we can deduct that over 15 years if we pay you know fifty thousand dollars for what's inside we're gonna deduct that over five years and the building we're gonna deduct whatever over 27 in in in um in residential it's 27 in commercial and by the way when i say residential that means somebody lives there it has nothing to do with the size or commercial it's 39 so commercial like office and industrial all right so what happened in 2017 is ins we got changes here instead of five years this is now one year and instead of 15 years this is now one year so that means everything you spent with regards to what's inside the building and what's outside the building that's an improvement other than the building itself is going to all be depreciated in one year we call that bonus depreciation and typically that's somewhere between 20 to 30 percent of the purchase price of that building and guess what doesn't even matter if it's new or used so in the u.s we get to depreciate use property over and over and over again it's an amazing thing very few countries do that we do it okay well what does that mean that means that let's say that you paid a million dollars for your four flex all right just take a four plex you can add a zero if you want two zeros if you want okay you're doing a big deal um you pay million dollars you probably put down say let's say you put down 250 thousand dollars right that's your down payment and the bank put in 750 000 okay but the cost was a million dollars the good news is the bank gets no tax benefits none they've taken 75 percent of the risk here and they get none of the tax benefits it's beautiful okay you as the as the investor you put down you took 25 percent of this but you get all the tax benefits well let's say it's 30 let's say that you calculate because you do what's called a cost segregation and you calculate the depreciation the bonus depreciation is percent well thirty percent of this not thirty percent of this so thirty percent of a million not thirty percent of ten fifty thousand which means it's three hundred thousand dollars which by the way is more than you put into it in the first place so you could literally have a deduction the first year for more than what you put into it only real estate oh i found you can do that okay now i think down the road we'll talk about in a few minutes we'll talk about mr biden's president biden's plans i think we're going to see the same thing happen in some other areas going forward but this is what this is where it happens now it happens in real estate well how do i make sure i get those benefits well some of you have probably heard that wait a minute my investors say they don't get it they don't get this because they're passive okay well your investors don't get it because they don't have the right team okay because passive doesn't mean it's not deductible passive just means it's deductible but you have to do things to make it deductible so one of the things we always say people ask is you know they'll say okay is i buy this book is it deductible well i'd like to change the question here and the question should be if i buy this book how do i make it deductible and the same thing is true with the real estate okay if i have if i'm a passive investor how do i make that passive loss because that's going to be a loss the first year how do i make that deductible against my other income that's the question that by the way your investors and you should always be asking your tax advisor don't ask is this deductible ask how do i make this deductible my experience with entrepreneurs is i've never met an entrepreneur that wanted to be told no right nobody no entrepreneur wants to be told no because the whole idea of being an entrepreneur is to figure out how to say how to make it yes right that's the whole idea is to solve a problem that's what entrepreneurs do well so what we want is we want team members who behave like entrepreneurs as well so that they're looking at how can you do this so if you have if you find you're running up into a against a wall with your cpa tax advisor lawyer etc might want to consider that there are other advisors that rather than say no will say would you like to know how you can do this that's just a different mentality so who's on your team makes such a big difference as russell said earlier that is the key and part of it is what questions do they ask and how do they respond to your questions so this is this is basically the big deal in real estate so think about that if you got 300 000 and you were in a 40 tax bracket what does that mean that means that of the 250 000 down payment really the government put in 120 000 and you put 130 000 that's literally what that means so they risked the government said you know what we'll take we'll take a piece of that action with the goal of course that the government's saying well down the road you're going to make money and we're going to get paid it's a it's a legitimate business deal right we do it all the time with partners you have investors and you you do a syndication and you go look here's the deal you're going to get paid first and we'll take our money down the road as developers that's all the government's doing they're just saying you get paid now we'll give you a tax benefit now we'll take our money down the road and that's exactly what's going on now of course if you keep doing this over and over again you never end up paying tax right you just continue to push that down the road and you're never going to end up paying tax we have real estate investors for clients who have not paid tax in many many years legally because they followed this formula okay so that's simply how real estate works now there this passive idea let me address one little thing here and that is some of you have heard this term which is real estate professional this is not somebody with a license to sell real estate that's not what defines it this is a defined term in the tax law and it's a very simple defined term it's really easy it means you spend more than 750 hours per year actively involved in real estate and you spend more than all other that's it i've never met a syndicator that didn't qualify ever syndicators by definition as a syndicator you qualify now as a as an investor in the syndication you're going to qualify most of them will not but a syndicator will so this is a really good this going back to my friend dave this this is you know this is an an indication of why he wanted to he really wanted this i remember he really wanted this and goes i want to be that real estate professional now what what else so happens real estate professionals wait make way i mean you make more money than the investor right so you're getting the you're getting return on your money but you're also getting a return on their money they're only getting return on their money so a real being in syndication is if you're going to do real estate and you're going to do it in a big way syndication is the only way to do it in my mind now but you have to make sure you also invest in real estate um i had a situation with a client and i can i can tell you who he is because he talks about this all the time by the name of brad sumrock right frequent guest at uh at the real estate guys and um brad was a syndicator but he never did his own deals so he got all these tax benefits for his investors and get any for himself so the very first thing i told him is i said brad stop doing that you have you're an insider you have all the inside deals do your own deal first year he did his own deal literally and he'll tell you this saved him over 900 000 in tax the first year he has not paid tax since and that's because he keeps doing the deals right it's a bit of a it becomes a bit of an addiction real estate investing because you have to keep doing it to not pay tax if you don't if you stop doing it you have to pay tax right it's like exercise right and they say it takes only 72 hours for your muscles to start um diminishing so you got to keep doing it it's got to become an addiction same thing is true with investing it's got to become an addiction what i call a positive addiction but it also means that your taxes literally his went from 900 000 to zero in one year now that's not going to happen with most of you because most of us don't i didn't don't you know most people don't make 900 000 in the first place so they're not paying that kind of tax but for brad he was making a lot of money his business and 900 000 he goes yeah i make a lot of money so i pay a lot of tax i'm going brad why would you do that you don't have to do that you're an inside investor and that's what's key about real estate you guys and here's the thing this bonus depreciation at best we have two more years of full bonus depreciation then it starts dwindling down um depending on what uh the democrats do in the senate um that may be gone quickly okay if they decide against the filibuster then that could be gone tomorrow literally so we need to do this now now what we do know is um most tax laws are not made retroactive so right now is the time to be doing this right now is the time to be learning about this getting into this and really learning how to be a syndicator now here's what we do know we're not we're not going to lose this we're not going to lose this right here okay we're not going to lose the 5-year 15-year 27-39 year that's not going away before 2018 this is what we did we still did cost segregations it's just that it took you had to do a little more real estate took a little more time so there's always going to be real estate tax benefits there's so much public policy behind it it's always going to happen so um let's uh shift gears and and i'm glad this is recorded because i know it's just been like a fire hydrant so far so i'm going to keep going with the fire hydrant let's talk about um what's going on in washington dc right now because it's um i have not seen anything like this what's going in washington dc um in my lifetime because here's what we have we have a one party and i don't care if you're a republican or democrat we have one party that is so intent on their agenda that they're threatening basically what we call the filibuster which means that they would like to have a simple majority in the senate be able to pass any bill will that happen we don't know but here's what we do know they they had one shot at it already this year and they took it with the 1.9 trillion dollar stimulus bill we also know that they have another shot of it shot shot in october okay fiscal year for the government in september 30th therefore they have another shot of a simple majority regardless of what they do with filibuster they have another shot under what's called budget reconciliation in october november december that's why when you saw the 2017 tax act passed it passed september october november is when they when they dealt with that and it passed in december because the republicans used that same rule and they passed it with just republicans no democrats voted for the 2017 tax law we can pretty much expect no republicans will vote for this but if they get 100 percent of the democrats then they're going to they can pass it because they do have a simple majority well what are they talking about so they're talking about a number of things first thing they're talking about is really simple higher rates they're talking about higher rates they're talking about pushing the rates up there's even some talk about going back to the old 70 percent rate on the on super high income uh we had that so i remember that actually when when i first started my career at ernst young we had a 70 tax rate uh ronald reagan changed all that he got us actually down to he went from 70 so get this in six years he went from 70 top rate to a 28 top rate now it's back up to 37. democrats they want to make it basically 40. however remember we also have state taxes hawaii is looking at raising their rate from 11 to 16 percent california is looking at raising their rate from 13 percent to 17 percent um arizona my my home state just voted an 80 percent tax increase if you make over 250 000 a year okay it's not a lot of money over 250 thousand dollars a year the people who who the people who don't make 250 000 a year voted the people who do make 250 000 a year to pay 80 more that's what happened it's easier to vote for somebody else's taxes taxes to go up right so higher rates are happening they're already happening but we're especially seeing it because the democrats said yes okay now what about capital gains this is a very interesting one and we have some new information just this week on the on their capital gains proposal so there are two types of capital of of well there's three types but there's two types of good capital gains there's capital gains from selling stock and there's capital gains from selling a business or real estate okay they're actually talking about both okay so i want to be clear this will i think if they raise capital gains rate it will affect real estate and what they're saying is they want real estate capital any capital gains over a million dollars to be taxed at the 40 tax rate so they're going to more than double the tax when you sell a property well that's significant but again if we have bonus depreciation we can offset that right so this is going to make tax planning that much more important another huge one that they're looking at is the state tax and the current proposal is that when you die so um just so you know this is how canada does it now so they want to dot the canadian tax code on this and what they say is if you have over a million dollars of appreciation in your estate then you're going to pay capital gains on that appreciation well so canada has a capital gains rate of 15 they want our capital gains rate to be 40 so here's how this would work any business any any family-owned business where the owner dies is going to have to sell their business in order to pay this capital gains tax there's no way they're going to be able to afford it every farm every family owned farm will have to sell their farm to the big guys so this is going to be this is a way to get more money to the big companies in my mind that's what's happening i'm i'm a little passionate about this i think this is absolutely the worst idea i've seen since 1980 in the windfall province tax act okay this estate tax would devastate small business real estate and agriculture absolutely devastate those three parts of the economy because the taxes they're not taxes on on something where people actually got money their taxes on they're like a wealth tax but not a two percent wealth tax like um senator warren proposed a 40 wealth tax okay that's what we're talking about with only a million dollar exemption so a million dollars as you know you're looking at real estate a real estate deal a million dollars of gain is not that much a million dollars of gain from selling a business is nothing okay you work all your life to build this business you take all the risk and when you and then when you die your family has to sell the business to pay the tax so that's what's going on these are the three big proposals right now going on in washington dc and we will by the way we'll see this one absolutely no question we will see this one this year okay this one we could see um this one this one has there's some reasons not to have it this one i hope we don't see because it would be devastating it would just be a travesty such bad public policy but that's what we're looking at right now we're looking at higher rates just remember though the tax law is and always will be a series of incentives all we have to look for is where are the incentives so here's my prediction and you can hold me to this uh robert russell my prediction is we're going to see massive tax breaks in solar wind and other renewable energy and guess what they're going to apply to real estate because what's going to happen is you're going to have charging stations at um at your um mini marts you're going to have and that's going to be that's a real estate play right you're going to have solar panels in the desert that's a real estate that's a real estate play you're going to have wind farms going up that's a real estate that's real estate so just look for you know what happened in 2017 was really an encouragement to more than anything residential real estate what we're seeing in what we're going to see this year i think is an encouragement towards energy related real estate specific clean energy related real estate and when we do all we have to do that's why it's so important that you have a team right because it's your team that's going to let you know by the way so here's your strategy let's be looking this direction remember taxes are four are 40 percent they're 40 of your income you most people have will never have an expense that even comes near as high as taxes now i want to put one more plug on the syndications when it comes to taxes if i could i think the biggest mistake i see in syndications is not espousing the tax benefits of the syndication i i i rarely see a syndication that actually lists out the tax benefits now mice indicators do but i rarely see that they do because i write it for them okay i'm writing that piece of their of their offering memorandum and their attorney's blessing and putting it in right because taxes are such a big part for that first year profitability i mean think about this what if you can invest you get the benefit of investing 100 000 but you only have to put in 60 000. that's what we're talking about and let me add one more thing so one of the biggest mistakes that syndicators make is their cpa um who sometimes just sometimes maybe like most of the time says well your investors aren't going to get those losses because they're passive well if those investors are my clients or my my networks clients wealth ability network you're they're going to get those losses because we can we can figure that out it's completely legal you just have to change the way you think about it the question is not can i take these losses the question is how do i take these losses so if you're if you've got a cpa saying don't do a cost segregation you've got a cpa saying your investors aren't going to get the benefit um then you definitely need to upgrade your cpa and on whether it's me or somebody else i don't care what i care about is is that um real estate investors this is the big incentive in the tax law and to lose that incentive because you don't have good a good a good tax system you don't have good tax advice you don't have a good tax team i think it's just a sin and you're just harming your investors and harming yourself and why not have this great marketing tool called taxes every financial planner in the world knows that you lead with taxes life insurance they lead with taxes mutual funds they lead with taxes you got to do your 401k they lead with taxes real estate it's a natural lead with taxes and i would just encourage you don't be afraid of it just need to have the right team members on board so that you can make sure that you're doing it the right way because as robert said earlier and russell said earlier you're not tax advisors so you don't wanna by the way giving tax advice is practicing law accountants can do that because it's the authorized practice of law okay for a licensed cpa but you don't want to be practicing law without license so um that could be bad so make sure that you've got your your team on in place but i'll tell you when you do that there's no question that getting to zero tax is absolutely doable so if there's anything we can do um i'm sure robert and russ will put up our our website wealthability.com you'll show everybody where to go we're happy to help if we can if we can't we'll let you know um but like i said we have a network of about 40 ccpa firms around the country and in canada so if there's something we can do to help we we're happy to do that all right questions tough big virtual hand for uh tom wheelwright that was great stuff my friend and you know i think a lot of votes what's that oh virtual hand yeah hey um you know it can be intimidating taxation and you know you're a guy that actually reads the tax code more than once when it changes and yet still there's so much so for a syndicator who may maybe focus more on the deal focused more on the investor and suiting their needs other than reading your fabulous book decks free wealth what are some practical ideas on how folks can have a basic understanding of tax but not crash that line is to giving tax advice well there is my show the wealth ability show right so there's lots of information there um really a lot of it is getting just a little bit of education right i mean we actually have courses as you know um just like you have courses on real estate we have courses on tax and they're very simple um but you really do need some basic education because here's the thing um one of the things that you always have to remember is you want to change the tax you need to change the fax okay that's all it takes but here's the thing your tax advisor cannot change your fax all i can do is i can tell you which facts to change but you have to make those fact changes right so if you want to be a real estate professional you have to record those hours you need to do the work i can't do that for you i can tell you how to do it i can give you the education walk you through step by step and i'm happy to do that you actually have to do there's activities though you have to do i'm down to setting up the right entity of setting up the right ownership making sure that you're protected from lawsuits okay this is all part of activities actions that you have to take and if you take the right actions you know which actions take you can you can actually very much lower your tax simply by changing your facts in fact uh dave so quoted you on that uh very thing on friday morning at the syndication event and gave you full credit good stuff before you go three things number one subscribe when you subscribe you build up our subscription base and that helps us reach more people but even more important it helps us attract great guests and subject matter experts to share their ideas and information with you number two click that notification bell to make sure that when we do post a new video on this hot topic you're notified right away and number three share please share this information with friends help them get on board this bus help them protect and preserve their wealth to take advantage of what's going on in the world today all right thanks so much and we'll see you in the next video [Music]

Channel: The Real Estate Guys Radio Show

Views: 440

Keywords: Robert Helms, Russell Gray, The Real Estate Guys, The Real Estate Guys Podcast, Investing in Real Assets, hedging against inflation, Real Estate Investing, Real Assets, Real Estate, Real Estate Strategies, Financial Education, tom wheelwright, tax, saving on taxes, how to save on taxes, how real estate investors can save on taxes, pay less tax, pay less tax on real estate, tax code, tax free wealth

Id: kg4Hw4ENUyE

Length: 47min 42sec (2862 seconds)

Published: Wed Apr 21 2021