Real Estate Professional Status Is NOT What You Think - E769 - CFC

As the year is ending, there’s one topic that everyone in real estate should be thinking about… Tax planning. With 2024 just around the corner and new initiatives by the IRS beginning, it’s vital that now more than ever we’re tuned into the nuances of pesky tax rules. That’s why, today, I interview Tom Wheelwright, best-selling author and Rich Dad advisor, on the rules of filing your taxes in the real estate space. Taxes are the #1 expense everyone faces… But, they’re also the key to securing tax-free income. Real estate and taxes go hand in hand—a good tax advisor can outshine any real estate deal… And potentially reduce your taxes permanently. But, if you file as a real estate professional, you need to triple-check if you qualify and have the documents to back it up… Especially with the round of audits the IRS is predicted to conduct in the next five years (or sooner). And for the passive investors listening, there are savings to look out for, too… Converting active income into passive income is not hard… If you have a good tax advisor that specializes in real estate. Just remember, nothing is deductible unless you can prove it. So, tune in today to learn the best tax planning strategies to consult with your tax professional about and how to maximize your tax-free income!    Take Control,  Hunter Thompson Resources mentioned in the episode: Tom Wheelwright Website Interested in investing with Asym Capital? Check out our webinar.   Please note that investing in private placement securities entails a high degree of risk, including illiquidity of the investment and loss of principal. Please refer to the subscription agreement for a discussion of risk factors. Tired of scrambling for capital?  Check out our new FREE webinar -  How to Ensure You Never Scramble for Capital Again (The 3 Capital-Raising Secrets). Click Here to register.   CFC Podcast Facebook Group