Welcome to "Stop Paying Capital Gains, Now!". In this episode, Sally talks to a gentleman concerned about paying a lot in rental income taxes. She advises against keeping an LLC for tax purposes and provides numbers to show how much the gentleman who contacted her, can save with a trust, depending on his tax bracket, and encourages him to get advice from a CPA. She also suggests doing away with all the LLCs and stopping paying K-1 fees to save money. So, to save money on taxes, listen to "Stop Paying Capital Gains, Now!" with Sally Gimon.
Outline of this episode:
0:03 - Discussing the benefits of using a trust to reduce taxes on rental income and other types of income.
1:03 - The advantages of having all income and assets in the trust, including federal tax benefits, privacy protection, and protection from lawsuits.
2:34 - Case study of a gentleman who is concerned about the amount of taxes he is paying on his rental income and is planning to sell his properties in 2023.
4:06 - A real estate investor who owns 12 different LLCs in Mississippi, and is considering consolidating all of their properties into a trust.
5:28 - Starting a 1099 income and being mindful of the tax implications
6:51 - Taking out a HELOC to pay for the trust and using the savings from their rental income and 1099 income to pay off the HELOC.
8:52 – Advise on how to use these trusts to their advantage and potentially expand their real estate investments.
10:34 - Keeping the 12 houses and get into commercial real estate.
This episode covers the following:
About Sally Gimon:
Real estate expert Sally Marie Gimon was recently featured in Authority Magazine, discussing Infinite Wealth Strategies. Gimon, who holds a weekly mastermind for her Real Estate group that reaches over 800 investors, also hosts a weekly show called "Money Secrets" on Win, Win Women TV. In addition, Gimon announced she will launch a new podcast called "Stop Paying Capital Gains, now!" She is a regularly featured expert guest on podcasts and summits.
Sally is a wealth-building expert. She is a real estate expert and has been a licensed life insurance agent for 19 years. Sally uses proven wealth-building programs such as the Infinite Banking system and Spendthrift Trusts. She assists consumers in becoming debt-free in less time, saving money on capital gains, and protecting financial investments. Sally leads a weekly mastermind for her Real Estate group of over 800 investors, and she broadcasts "Money Secrets" weekly on Win-Win Women TV.
A Spendthrift Trust defers Capital Gains into infinity, becomes judgment-proof, and information is 100% private. Gimon offers a FREE Report that teaches how to start benefiting from Day 1.
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