- MAREI Workshop: Plan, Protect & Manage Your Real Estate Business & Keep the IRS Out of Your Business with John Hyre Saturday, October 21st @9:00 AM – Holiday Inn
Protect Your Assets
Tax Attorney & Investor John HyreQuickBooks for Real Estate Investors, Plan for Tax Deductions & Don’t Blow Up your Self-Directed Accounts
We had 4 cancellations and 2 new sign up from the wait list, so at the time of this post, we have 2 seats left.
A FULL DAY CLASS to learn how to ETHICALLY AND LEGALLY hammer the IRS and PROTECT YOUR ASSETS.
Keeping Good Records
John will put his QuickBooks program up on the screen LIVE and walk you through the set up of a real estate company, step-by-step.
Then he will take you through simple accounting so you keep your records correctly:
- Funding the Company
- Getting Property Purchase and Sales “on the Books”
- Producing an Income Statement for Each Property
- Producing a Balance Sheet for Each Property
- How to record everyday transactions – like writing a check, recording a credit card purchase, or making a deposit.
If you are not keeping excellent records, you are subject to automatic IRS penalties, overpaying the return preparer and you can’t plan to minimize your taxes and you can forget about your entity providing any asset protection.
Using Self Directed IRA & 401(k)s
- How one landlord got 50+ free & clear rentals in his Self Directed Roth IRA.
- How to grow a Roth with preferred dividends.
- How to invest your Roth in flips and not pay UBIT.
- John’s favorite type of retirement account and why!
- The 2 top “Prohibited Transactions” that destroy Real Estate Investors’ Self Directed IRAs
- Medical Tourism . . . Tax-free.
- Primary, secondary and university education and home computing needs . . . again tax-free.
Tax Deduction Best Practices
- When being classed as a “real estate professional” matters to you and how to qualify.
- The best ways to deduct meals, entertainment, and vacation-like trips.
- Accelerating Depreciation – HUGE for Landlords.
- Changes in IRS “substance over form” attacks.
- Why the “Dealer” issue is overdone.
- Reimbursing yourself from your business – the one thing most of you are missing.
- Converting personal use property, like college textbooks to business use.
- Filling your home with tax-deductible furniture.
- Renting your home to your business – tax-free.
- Have a pressing tax question, send them into MAREI in advance and John will do his best to answer them.
Held at the Holiday Inn – 8787 Reeder Road, Overland Park.
John will also be bringing his 3 courses with him:
- MAREI November Meeting: Buying Houses with Little to No Cash Subject To the Existing Financing with Edward O’Daniel Tues, November 14th @6:00 PM – Holiday Inn, 8787 Reeder Road, Overland Park, KS
Subject To the Existing Financingwith Special Guest St Louis Real Estate Investor,
Property Manager, and Coach Edward O’DanielBuying a property Subject To means you are buying it subject to the terms of the loan that the seller already has in place. You are taking the deed to the property in your name, and the seller’s loan stays in place in in the seller’s name, you are just taking over making the payments.Subject To is a good tool to have in your toolbox for making a good deal great and in some cases making a no way deal work.One might think why would a seller consider letting some random person take over their mortgage? Often times the seller must sell, they don’t have the luxury of time to find the right seller at the right price and with subject to, they can sell fast. And when purchased by an honest and ethical investor, it can actually help the seller because the new investor owner makes the mortgage payment relieving the seller of that burden, plus by making that payment on time, every time and eventually pays off the mortgage all which helps the sellers credit score.For the investor buyer, this allows a purchase with little to no money up front. Just an agreed upon amount down for the seller to deed over the house, with a clear title, except for the existing mortgage. Plus the investor is not using up their own valuable credit, which can allow an investor to build up a portfolio of rental property, subject to, without ever needing to speak with a bank.No, Subject to is not the perfect tool for buying a property in every case, but it is a good tool to understand so you can pull it out for use when needed.Come join us on Tuesday, November 14th to learn the basics of how a Subject To deal is put together with our special guest from St Louis, Real Estate Investor, Property Manager and Coach Edward O’Daniel. As always networking starts at 6pm, come early to visit with the vendors, check out the deal table, and to network with the 100+ folks in attendance. Presentation starts at 7:00 pm and runs till about 8:45.
See more events on the MAREI Calendar of Events