In this informative episode, Roger delves into the strategies for minimizing capital gains taxes with Sally Gimon, a seasoned real estate investor and tax specialist. Sally provides valuable insights into the world of tax planning for investors and underscores the importance of understanding and utilizing the legal avenues the IRS provides to reduce tax burdens.
Roger and Sally break down the common hurdles real estate investors face regarding capital gains, such as recognizing gains, handling tax liabilities, and how to navigate the stress of meeting tax payment deadlines.
They shine a light on the benefits of 1031 exchanges and trusts as effective methods to legally reduce capital gains taxes and preserve cash flow.
Sally discusses the implications of new legislation requiring detailed personal information filings for business entities, known as the Corporate Transparency Act of 2024, a development that can significantly affect real estate investors and businesses.
Roger and Sally emphasize the urgency for investors to understand the upcoming deadline for certain types of trusts and the potential tax implications.
The necessity for skilled accountants to navigate these changes and assist clients with compliance is a key point of discussion in the episode.
Sally also invites bookkeeping, accounting, and tax professionals to attend GrowCon, a conference dedicated to business development in these fields, and offers valuable resources on tax strategies.
Sally’s expertise is invaluable for anyone looking to enhance their understanding of tax planning within the real estate investment sphere. Her practical advice and the upcoming conference are not to be missed by professionals seeking to stay ahead in the industry.
Remember to subscribe and tune in for our next episode where we continue to dive deep into the world of savvy accounting practices and strategic financial planning.
Your Host: Roger Knecht, president of Universal Accounting Center
Guest Name: Sally Gimon
Sally was motivated to become a real estate investor when her mom became sick in October 2018. Sally was 53 and needed to make a change in her life quickly. She has been an insurance agent for 20 years and has used her experience to make positive changes. Now she shares her information weekly in her real estate group and Win, Win Women TV.
In July 2020 she bought a Bank Owned Property for $20,000 that would go to auction for $50,000 when Covid restrictions lifted. She knew her Capital Gains would be $7,140 and researched how the rich paid so little in taxes. This led her to find the Business and Beneficial Spendthrift Trusts.
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Thanks for listening to the show. Sally was kind enough to offer her time. If you have any questions or would like to receive some additional information please take advantage of a 30-minute tax breakthrough season with her. Go to her website to see a related video and book time to speak with her one-on-one: www.TheTrustIsYou.com
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