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Brandon Brittingham

๐Ÿ‘ค Speaker
2214 total appearances

Appearances Over Time

Podcast Appearances

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

Yeah, that's fair.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

Yeah.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

So 25% of sales price, we buy a half a million dollar property, right?

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

So we're at a hundred plus thousand in some change, right?

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

That if you're not, if you don't understand how this works, what he just gave you the game on is with a depreciation and doing a cost like in the first year, you can actually take that depreciation and take that as a paper loss and

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

on your taxes.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And that is freaking one of the biggest hacks in the world for you to get wealthy.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

So let's just say that you had to pay that $50,000 in taxes anyway, but instead of paying it to the IRS, you bought a property, right?

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And not knowing your tax picture, let's say the depreciation wiped out your federal tax liability.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

but you still paid the 50 to get the house.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

Well, where would you rather put that 50 to the IRS or in an asset that you control that has all the benefits that he just said?

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And what's so crazy to me is there's so many people who don't understand this.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And to Brian's point, this is actually not difficult.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

This is in the tax code.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

It's available under the new Big Beautiful Bill.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

100% depreciation in the first year has come back.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And I'm glad you mentioned this because I wasn't even thinking, oh God, you got to be a real estate professional.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

This is a good one because a W-2 person could actually get a hold of this.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

Yeah, that's a good point.

Wake Up to Wealth
Maximize Wealth: Inside Tips from Tax Attorney Brian Boyd

And I think a lot of it is, you mentioned this, and I think you're spot on is when people hear taxes, they just kind of freak out and they kind of freeze.