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?
Biggerpockets.com
Good website to learn the ins and outs of real estate. Alot of free rrading material and a forum you can ask questions in.