Tax season is nigh, that is why we have authors and real estate tax experts, Amana Han & Matt MacFarland join us on this episode to highlight what you need to know to keep as much of your money as possible. Amanda & Matt's website: https://www.keystonecpa.com/ Suggest a topic for the podcast: https://linktr.ee/remoterealestateinvestor --- Transcript Michael: Hey everybody. Welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum and today I'm joined by my co host, Tom Schneider. And we have with us two very special guests, Amanda Han and Matt McFarland authors, CPAs real estate investors extraordinare. They're gonna be talking to us today about all things tax related that real estate investors should be aware of. So let's get into it. Amanda Han, and Matt MacFarland, thank you so much, again, for joining us on the podcast. Really, really appreciate you coming on. Matt: Well, thank you for having us. Amanda: So excited to be here, lots to talk about Michael: Lots and lots and lots of talk about so I want to be very respectful of your time. So before we get into it, I would love Love, love. If you could both give us a little bit of background on yourselves a little brief introduction of who you are and how you got started in real estate and tax. You both have been guests on numerous other podcasts including the bigger pockets podcast, so floor is yours. Amanda: Yeah, I guess I'll go first. So my name is Amanda. I tell people's I'm the third generation of real estate investors in my family. My grandparents had real estate investing, my parents dabbled in it. But I was never taught to do real estate investing. I think like a lot of people I was taught to just go to school get a good job. And it wasn't until several years after I worked as a CPA for real estate investors that I realized that you know, real estate is such a great tool to wealth building and to tax savings. So that's where kind of Matt and I got started in real estate Matt: Yeah I'm Matt MacFarland and I married well! Yeah. But yeah, our practice focus on real estate investors, it's kind of where we got our start and what we like and what we understand, and we don't focus on, you know, manufacturing clients or retail clients, just because that's not what we know. So I've been doing it over 20 years now. And Amanda is close to that as well. And so probably 80 90% of our clients are real estate investors. So it's, it's always fun stuff to talk about. Michael: So that was your family also involved in real estate, or how did you get involved in that space? Matt: You know, my parents did a little bit of it back in the 80s, when it was kind of you know, everybody in their mother could invest and get right off skin before they change the tax code. But we kind of got into it through the job. You know, I remember like, my mama was working on some of these taxes, who was probably in his 60s, and he was retired and he was making, you know, like six figures in cash flow. And it's like, Okay, this is, this is what we got to do, you know, so that was kind of how I got turned on. Yeah. Amanda: Yeah, it's so interesting, because, you know, for me, for both of us, even though we worked in taxes, you know, that was our profession is to do tax planning and tax strategies for for investors. And for me, specifically, growing up in a family who was, you know, fairly extensively involved in real estate, we never put the two to two together, you know, and for years, we just kind of went to work that our thing, never thought that maybe we might do real estate for ourselves, you know, until we read Robert Kiyosaki his book, Rich Dad, Poor Dad. So it took us just, you know, reading a book, not about taxes to really apply that to our own situation. Tom: I was curious, you know, you said like a third generation, what kind of investing did your parents do and your grandparents? Who is it all kind of similar residential real estate? Or what type of real estate investing did they do? Amanda: Yeah, all sorts. So I think my grandparents, I'm from Taiwan originally, so my grandparents, they were business owners who, you know, also bought the underlying real estate, which ended up being kind of a very, almost like, you know, Time Square type of a property back in Taiwan. And when they first immigrated to the US, they dabbled in land, you know, which is different, right? No, no rental stuff. But if you guys follow the real estate of Vegas, those have appreciated so much, right, like all various parts of the US. And then yeah, you know, just single families, condos and things like that. So I think like a lot of real estate investors, you kind of start out with one type, but you end up expanding into different types of real estate as well. Michael: Okay, so I would love to dive into the meat and potatoes of the subject here. And if you could give us a little bit of insight into how real estate is ...
