No matter what I said prior, did not matter. It was Joes Treasury Secretary's statement about taxing unrealized capital gains. Only crazy people actually say things like this, whether or not it happens. He got that. Then I showed him a picture of the health secretary, and he just looked and said.... maybe I should have listened to you (fake chuckle).
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LOL good point. Imagine if they started doing that with property
Wait you mean you can't do it with property? Write off depreciation/appreciation(?), write off mortgage interest, mortgage payments, any utilities, fixes, town taxes, any profits from property get taken out from the LLC owning the property to a c-corp where you can maximize tax benefits.
You don't make a lot on rent (unless your mortgage is paid off) but its the tax benefits where you rake it in while it increases in value and you build equity.
For serious... under Trump my W2 income has doubled. (Yea!) I want to get started in real estate for wealth and tax purposes, but my family is all blue collar checking account style people so no help. WHERE DO I EVEN START? is there a book I can learn about company formation to hold real estate? Do I call an accountant? Do I just pay taxes and assume Im not allowed in the club?
I’ll give you our journey...
Start with books like Rich Dad, Poor Dad by Robert Kiyosaki and The Millionaire Next Door.
Then find channels on YouTube with people using real estate to build wealth. Robert Kiyosaki, Ken McElroy, Bigger Pockets with Brandon Turner, Graham Stephan, Meet Kevin, Ryan Pineda. Great stuff and you’ll have a lot of fun going down the rabbit hole.
Anyone can do it. Doesn’t matter who you are or where you came from. We are just starting, still learning. :)