I recollect celebration of the mass in the single of robert kiyosaki’s books which he done over the million dollars the single year as well as payed 0 in taxes. How do they do this?
I assimilate which most personal things can be created off as the commercial operation expense, though we can usually outlay so most prior to not creation the distinction anymore…
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{ 6 comments… read them below or add one }
I believe that Mr. Kiyosaki made a section 1031 exchange in which he, in essence, traded in some of his real estate at a million dollar profit and then turned around and bought other real estate with all of the money.
in fact, to pull this off, he put zero money into his own pocket.
however, his assets (on paper) and net worth (also on paper) did increase by one million USD (or more).
does this help?
Instead of putting the money into their wallet so to say
No pay check as we know it is made out to them
One of the ways this is compacted for is
They only receive a notification of a number of stocks being placed in their name
This is not cash but a loan to a company to use the intended monies to make the company better for a monthly cost
Stock returns it is called a monthly check the person receives to give graduate to letting the company use their monies
And when they need it they cash in the stocks to cover the Dodge Viper and pay cash for it.
They then clam the cost as a cost to sustain their living standards of a person in their class of notority
When ever you invest you are giving someone else your money to do as they see fit
a retirement investment is a good example
Classic 1031 exchange. He sold the property for a 1 million dollar gain, but then bought a bigger property with the proceeds and didnt keep any money for himself. But the trick is, that if he ever wanted any of the money, he just needs to refi the next property and pull out however much he wants because its not considered income, its considered a loan. The business owners do pay taxes though, and thats not the same thing as real estate investing.
In any given year, a business owner can have enough deductions or losses so they don’t have any taxable income that year. Over a few years, unless they’re in the process of losing their millions and going bankrupt, they’ll pay taxes.
Not true. They pay employee, payroll, etc taxes. What Robert Kiyosaki is discussing is legal ways to avoid taxes. For example, the tax rate on dividends is a fraction of income taxes. Also there are loopholes in the laws that protect wealth. For example, if you sell a house that is an investment property, you can avoid taxes if you buy another more expensive property.
He is not talking about expensing away profit.
in stocks, you can carry forward losses for a few years to apply vs this years profits………