1/24/10: Practical Tax Tips and Insight with CPA Tom Wheelwright
It’s the most wonderful time of the year….
Not Christmas. Tax time! This is the time of year when all the bills from the holidays show up in the mail, along with your 1098’s, 1099’s, W2’s, 1040′s and our personal favorite, the K1. Let the fun begin!
Before you tune out, we invite you to listen to our recent interview with CPA Tom Wheelwright. He promised us he could make taxes fun, to which we said, “Great!”
So we broke out some month-old eggnog, stoked the fire in the fireplace, and tossed a few chestnuts into the pan for some good old fashion roasting.
Huddled around the microphones to talk taxes:
• Your Host, Robert Helms
• Co-host and Financial Strategist, Russell Gray
• A man who has probably paid more taxes than everyone else on the show combined, The Godfather of Real Estate, Bob Helms
• Certified Public Accountant, Tom Wheelwright
Like little kids on Christmas morning, we came into the studio to open up gifts of tax wisdom from one of the brightest real estate tax advisors we know. After a few opening comments, we got Tom Wheelwright on the phone and started the grilling.
Tom opened up with some paradigm breakers as he explained that taxes are not only fun, but actually a very powerful tool for wealth creation. Wow! Sounds good to us!
Then we asked him, “What are the most common and costly mistakes most real estate investors make?” One of his answers astounded us when he told us about a special form every investor should know about, but few use properly. Getting it wrong can cost you many thousands of dollars!
It would be sacrilegious to talk taxes and leave out 1031 exchanges, but for most experienced investors, the 1031 is old news. And in today’s challenging economy with so much equity in hiding, who cares about a 1031 anyway? So Tom gave us some great tips on why we might NOT want to use a 1031 exchange. What????
Now that the eggnog was kicking in, we got into some of the tax changes for 2010 (and beyond) that affect real estate investors. Then he gave us the inside scoop on how to find a great real estate CPA.
Before we knew it, the show was over! Time flies when you’re having fun. The topic wasn’t as taxing as we thought!
Don’t miss a show! Subscribe to the Free Podcast
Want More? Sign Up for The Real Estate Guys Free Newsletter!
The REAL Book of Real Estate by Robert Kiyosaki and Friends
The REAL Book of Real Estate
by Robert Kiyosaki and 22 Contributing Co-Authors
He’s back.
Robert Kiyosaki, author of Rich Dad Poor Dad, one of the best selling books in history, is back talking about real 
estate! Why now? He says the rules have changed and the numbers make sense again.
In The REAL Book of Real Estate, Kiyosaki compiles real estate investing wisdom from 22 veteran experts. The Real Estate Guys had a chance to talk personally with Mr. K. about this book and the unusual timing of its release. You would think that a book on real estate investing would be a hard sell in this post meltdown world. And it is.
But the book was released now to help investors who’ve only known boom times. It shares the knowledge and perspectives of veterans who’ve survived and thrived through previous real estate market cycles (which is lesson #1: real estate cycles, it doesn’t disappear). If real estate isn’t “over”, then the question remains: where are the opportunities and how can I find or create them? That’s what this book addresses. It might be a bad time to sell a book on real estate investing, but that might make it a great time to pick up bargain properties. This book will teach you many of the things you need to know.
What we like best about it is that it’s immensely readable. It isn’t a book about theory. It’s very real world practical. And you can start anywhere, as each author’s work is a stand alone discussion about their particular area of expertise. It’s as much a reference manual as an educational work.
We like it. We’ve been around real estate for awhile and we learned a lot. We think you will too.
Order your copy today – and be sure to visit the archives to listen to The Real Estate Guys’ exclusive interviews with Robert Kiyosaki and many of his contributing co-authors. Let us know what you think!
