292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax
Description
Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear?
It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to (legally) eliminate income tax when investing in real estate
Down payments and why you (probably) won’t want to use a credit card to fund yours
Real estate partnership responsibilities and what a money partner’s roles are
Listing your own property for sale by owner (FSBO) vs. using a real estate agent
Rental property debt and what to do when tenants refuse to pay rent
The one question you need to ask a realtor that could lead to a reduced commission fee
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Submit Your Real Estate Rookie Question!
Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate
How to Buy Real Estate with Your Credit Card
How Much Do You Need For A Down Payment On A House?
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292
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