Today’s Flash Back Friday comes from Episode 491, originally published in March 2015.
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
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