CW 491: Why Income Property is the Most Tax-Favored Asset Class with Diane Kennedy CPA & NY Times Best-Selling Author

Jason invites Diane Kennedy on the show to talk about taxes and how to save you money. Diane is an experienced CPA and helps her clients all over the world with their taxes, accounting, and investing. The main subject of today's focus is why you should get real estate professional status, the benefits it provides, and what you need to do in order to qualify. Key Takeaways: 2:40 – The government takes a big cut whenever you sell stocks and precious metals, but that doesn't happen with income property. 7:40 – Diane explains what the charitable remainder trust is. 13:05 – There are three tests you need to qualify in order to get the real estate professional status. 20:00 – What is the an aggregation election? Jason explains. 29:50 – If you have a property manager, it's going to be hard for you to qualify. It is best in this case to self-manage your properties. 34:15 – This stuff is complicated! Get advise from a good CPA and attorney before it's too late. 36:00 – Why do you even want to get real estate professional status? Jason breaks it down. 42:30 – The government wants you to own property. They are even incentivizing you for it. Tweetables: " If I got a manager who is not that great, I just get rid of them and I'll self-manage that property. " " The great thing is if you're married, only one spouse needs to qualify for real estate professional status for both to get the benefits. " " Business owners have 3 sets of book. One is the real book, the other is for the IRS, and the other is for the buyer of the business. " Mentioned In This Episode: USTaxAid.com

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CW 491: Why Income Property is the Most Tax-Favored Asset Class with Diane Kennedy CPA & NY Times Best-Selling Author is an episode from Creating Wealth Real Estate Investing - Archive Episodes 401-500 by Jason Hartman.

This episode is 46:01 long.

This episode was published on Feb 23, 2016.

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