On this episode of Passive Income Pilots, Tait and Ryan interview Billy Withers. Billy Withers, EA, MT, is a financial expert and the owner of Summit Advanced Tax Strategy. He has helped hundreds of real estate investors and business owners organize their financial systems and reduce tax liabilities. With his expertise and the flexibility of a virtual firm, he provides prompt and effective service to ensure the growth and needs of his clients are met. Billy's experience in the field has made him an invaluable asset to those looking to maximize their profits while minimizing their tax liabilities. Billy talks about the intersection of taxes and real estate investments. He discusses optimizing tax situations, qualifying as a real estate professional, tracking deductions, and dealing with late filings. Billy emphasizes treating real estate investments as a business, gathering necessary documents, and working with a tax professional experienced in real estate matters to avoid problems and stay on top of taxes. Enjoy the show!
Timestamped Show Notes
(00:00) Intro
(04:08) Billy's career journey and specialization in real estate taxes
(05:52) The advantages of working with a tax strategist
(07:51) Tax efficiency: planning for taxable events in real estate
(11:31) What a tax strategist does
(13:25) Advisory service fee structure and getting started
(15:40) Quick hit opportunities, tax-advantaged strategies, and changes
(22:42) Qualifying as a real estate professional and hour requirements
(26:16) Keeping track of time spent as a real estate professional
(28:38) Collaboration between spouses to qualify as real estate professionals
(30:54) Caution against taking risks with material participation claims
(32:04) Structuring LLCs for earned and passive income
(34:13) Importance of tracking expenses and using dedicated accounts for real estate
(40:45) The complexity and individuality of tax matters in real estate
(43:57) Concerns about extending tax returns and K-1 forms
(52:46) What is an enrolled agent
(54:30) Outro
Resources Mentioned
#10 - Reduce Your Taxes & Maximize Returns Using PROVEN Investment Strategies with Toby Mathis
#14 - Depreciation Demystified: Cost Segregation and Tax Savings in Real Estate with Toby Mathis
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Legal Disclaimer
The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions. The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts. Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment. Any potential offer or solicitation will be made exclusively through a Confidential Private Offering Memorandum related to the specific investment.
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