Make Money, Keep Money: 6 Tax Hacks for Real Estate Agents

Real Estate Success: The Whissel Way

In this episode of Real Estate Success: The Whissel Way, Kyle Whissel and Bryan Koci share practical tax-saving strategies specifically designed for real estate agents. From hiring family members to sectioning off parts of your home or vehicle expenses, they cover ways to save thousands on your taxes. They discuss tools like cost segregation, self-directed IRAs, and Section 179 for vehicle deductions to help agents keep more of their hard-earned money. They also delve into bonus depreciation and the Augusta Rule, providing expert insights on maximizing tax savings through real estate investments.

3 Key Takeaways:

1. Hire Family Members: Learn how to legally pay your family members to save on taxes while keeping income within the household.
2. Maximize Vehicle Deductions: Use Section 179 to write off a large portion of vehicle purchases, particularly for SUVs over 6,000 pounds.
3. Self-Directed IRAs for Real Estate: Roll over old retirement accounts into a self-directed IRA, allowing you to invest in real estate and potentially earn higher returns.

Chapters:

00:00 - Introduction: How to Save $100K in Taxes

01:35 - Tip #1: Hire Family Members to Save

05:00 - Tip #2: Tax Deductions for Vehicles

09:30 - Tip #3: Self-Directed IRA for Real Estate

12:30 - Tip #4: Using the SALT Tax Deduction

15:00 - Tip #5: Depreciation on Real Estate Investments

19:00 - Bonus Tip: The Augusta Rule Explained

22:05 - Bonus Tip: Qualified Business Income Deduction (QBI)

24:10 - Whistle Widget of the Week: Time-Saving Tools

25:45 - Closing Remarks & Recap