Rich Dad's taxes and avoiding DIY

[Will Kenner]

For the RE investor just starting out, preparing their own taxes, or who has questions about Cost Segregation, Passive vs. Active income and loss, Deductions, Depreciation, etc..the recent BP Real Estate podcast #569 with Tom Wheelright is a must-listen-to episode. There are crucial differences between a "Tax Preparer" and a "Tax Planner" that an investor needs to know. As someone who has experienced the costly mistake of simply using a Tax Preparing accountant when starting out in real estate, I can't recommend this enough!

[Will Kenner]

@Julio Gonzalez Just started his book on Audible after listening to the podcast. He presents a very unique but very true and often overlooked perspective on maximizing the current tax code. The one example he presents with the investor who frequently travelled to NM and purchased a property there so he could write-off his expenses, is one frequently misconstrued by the masses as some sort of "unfair advantage" and the "rich not paying their fair share". What they don't realize is although he was able to write off $3000 in travel expenses (which at face value sounds like not paying one's share and stiffing the government) the government didn't "lose out" at all. Through new taxes resulting from that purchase the government ended up getting $100k's in revenue, not just $3k, and the investor made money in return that greatly offset those increased taxes. Maximizing the tax code actually was an overall net "win" for both parties involved and even more taxes were paid!