How would an extra $35,000 a year impact you?
That could mean multiple vacations, a new car, investments that could turn this money into hundreds of thousands… whatever it is, you need to make sure you’re claiming what’s rightfully yours.
I hate to see people missing out on money that they’re entitled to; that’s why I’m going to hold your hand and show you how you can receive this money, and never forget about it ever again…
You’re still picturing it, aren’t you?
An extra $35k a year… it’d probably make a world of difference for you. Not to mention the different ways I’m consistently showing you how to make that money grow into hundreds of thousands (or maybe even millions).
This money that you’ve been missing out on comes in the form of a real estate tax loophole. It’s completely legal, and most people overlook it when they’re filing their taxes… but that’s not going to be you anymore.
First things first, if you’re not investing in real estate right now, then you’re missing out on the hands-free income of a lifetime.
Throughout the life of these real estate riches articles, I’ve given you more information than you’ll ever need in order to jump in.
Real estate investing is made out to be scary in order to filter out people who don’t truly want to be wealthy. But, as I’ve stated time and time again, it’s actually one of the easiest sources of income you could ever receive.
But now that that’s out of the way, I’ll lead you straight to that extra $35,000 a year…
Have you ever heard the term: Real Estate Professional?
You probably have, but not in the context that I’m talking about.
Becoming a Real Estate Professional in the eyes of the IRS is what unlocks your $35,000 a year, but it’s not nearly as complicated as it sounds.
You don’t need to be a real estate broker.
Real Estate Professional, as defined by the IRS, actually has nothing to do with whether you are a licensed real estate agent or broker.
In order to be considered a Real Estate Professional, all you need to do is 2 things:
1. Spend 750 hours per year in qualified real estate activities (I’ll explain how easy this is); and,
2. Spend more time in real estate than you do in your other businesses or jobs combined (which is your main goal anyway, right?).
By understanding how easy the first task is, the second one will come automatically.
Spending 750 hours per year in real estate activities is actually much easier than you think. In fact, right now you’re shaving off some of that time by reading this.
Real estate activities encompass all of the following: reading and learning about real estate, shopping for properties, talking about real estate, meeting with sellers, managing properties, and much more.
The most important aspect of this is to log your hours in a paper diary. There’s nothing else to it.
I’ll break it down for you:
In order to reach that 750 hours a year, you’d need to spend 15 hours a week engaging in real estate activities.
That’s just a little more than 2 hours a day.
The average American spends almost that much time eating every day. If you get into the habit of reading about real estate and looking for potential properties while you eat, you’ll be 90% there. Add an extra half hour of reading before you go to bed, and you’ve made it.
That extra $35,000 a year from tax breaks is yours free and clear.
You can now go back to planning how you’re going to spend that money once you start receiving it…