Everything You Must Know About Real Estate & Taxes with Amanda Han

Casey Brown  0:06  
Hey there, and welcome to today's episode of cash flow Pro, your daily real estate investing podcast and YouTube channel. I want to welcome everybody who is out there listening, as well as I would like to welcome Amanda Hahn of Keystone CPAs. Now Amanda and I were talking a little bit prior to the show, and we've kind of bounced some ideas. Everybody wants to know about the tax benefits of investing in real estate investing passively in real estate, how things pass through what a K. One is, and all of the I guess the things that surround the discussion of tax liability after investing during investing, and so on. So, Amanda, how are you today? Welcome.

Unknown Speaker  0:54  
I'm doing great. Casey, thank you so much for having me here. I am really excited to see if I can bring value and how people use real estate to save on taxes.

Casey Brown  1:03  
Oh, absolutely. We're so glad to have you here. Because again, this these are questions that come from investors, basically on a daily basis. How can I save taxes? How does investing in real estate save taxes? Now, we all know, or I guess we've all heard of the form k one, it's obviously very similar to a 1099. And the way that it reports income to to somebody that is then findable on their tax returns. So if you want to actually I'll tell you what, let's do a little qualifying let's let's let's talk about who you are, where you come from, what your company is, and then we'll dive into the specifics of of how the real estate investing stuff plays in.

Unknown Speaker  1:48  
Yeah, sounds good. So I what I what I like to tell people is, I'm a CPA by day and real estate investor by night. So I sort of wear both hats, because I'm an investor myself, but my my job and my passion is to actually help real estate investors on identifying ways to save taxes through their real estate portfolio. And so our clients include both of those profiles that you talked about. We have clients who are syndicators. So that's where we help them look at strategies that they can use at the syndication level, to save taxes not just for themselves, but also for their passive investors. And we also have just, you know, kind of the everyday investors, maybe someone who's a business owner, or someone just working a straight w two job, but want to be involved in real estate in a more passive capacity, who are looking for passive investments. And so we advise them on, you know, what are the best ways? What are the benefits, like you were saying, of being a passive investor? And what does it mean to get a k one? Because I think like you said, a lot of people are very confused by that sometimes they see a big loss number, and they sort of freak out like, Oh, my goodness, did I lose? So we go through, kind of explain to them, you know, what was some of the what does that mean? What are some of the benefits of that? But yeah, I think, you know, real estate, for me, one of the reasons I started investing in real estate is early in my career, I was working at one of the big international accounting firms, and I happen to be in the real estate industry in the Real Estate Group, and came to the realization that there's these individuals who are making a lot of money through cash flow and appreciation, but paying very little to no taxes. So that's sort of what piqued my interest in real estate. And I think that's such a it's such a great part of the the tax code that allows us to use write offs and things like depreciation to, to really create, you know, income and appreciation without paying a ton of taxes like we normally have to do in our job or other businesses that we might have.

Casey Brown  3:53  
Sure, okay. All right. So let's, let's kind of, I'm trying to think about the best way to begin this discussion. Because, again, I want to keep it somewhat simple. But also I know, there's very little simple when it comes to income taxes and CPA type activities. It's so I want to keep walk keeping it simple. Let's not keep it simple. So tell us a little bit. Let's start with what what is a k one? And what what where does the k one originate? And what figures can we expect to see?

Unknown Speaker  4:26  
Yeah, I think, you know, even taking like one step back, you know, the goal of real estate investing, I think for most people, right, is we want to have cash flow from the rental properties. And so hopefully, you know, enough passive cash flow. So that's another source of income or just, you know, on the pathway to having enough cash flow so that we could maybe stop working or stop working as much. And the benefit of of being a real estate investor is that not only can we write off a lot of expenses that business owners have for example, business meals business travel home office and you know, the list goes on and on. But we also get what's called depreciation, right? So, depreciation is the IRS is way of allowing us to take a deduction for a part of the purchase price of a particular building of your investment property. So, you know, if it's a single family home, for example, if we bought a building for $100,000, we can write off that $100,000 slowly over time, and when it taught when we talk about syndications and multifamily in, you know, self storage and mobile home parks, it's the same concept, but just supersized. So instead of $100,000 property, we're now talking 500, a million $5 million worth of real estate, but the concept is the same, which is that the goal is we want to create cash flow and appreciation. But when it comes to tax time, we have all these various write offs so that we're either not paying taxes on all that rental income, or we might even be creating a loss, in which case then the next strategy is, well, how do we use that loss to offset you know, other rental income or other syndications or it may be you know, from from a job or something like that. What I like about syndication is that, you know, I myself, I invest in single family homes, you know, small duplexes, I also am a passive investor in syndication, so I get to see both sides. And there's definitely pros and cons to both. What I love about being a passive investor in syndications is that, you know, not only am I able to access these larger, better deals that I probably would not be able to take down on my own right, like, Amanda probably is not going to go out and buy a $20 million property. Unless if I stop working, right. So I get to leverage the expertise and experience and the scalability of the sponsor group to help me get into those deals. And it kind of works exactly the same way on the tax side, in that if all I'm doing is passive investing, there's not too much I need to do on my tax return, I will get the benefit of some of these more advanced strategies like, you know, accelerating depreciation and things like that, because a lot of that work is done at the syndication level. So what happens is, you know, the syndication typically is going to be some kind of an LLC partnership, and they will utilize all the strategies. So let's say I have a, you know, $50,000 cash flow, they'll do all the magic or their CPA, right will do all the magic so that when I get the k one, which is showing my percentage of you know, income or losses or whatnot, generally, it's already after all the benefits have been presented. So I frequently see clients who, you know, maybe get a $20,000 check, or distribution from the syndication, but also pay no taxes on that money. And that's also a common misconception I have. Sometimes I have clients call me who say, hey, Amanda, I invested in ABC syndication, you know, I got a check for $20,000. So let's make sure I pay taxes on that, I just want to let you know. So I always tell them, Well, just because you got a check doesn't necessarily mean you have to pay taxes on it, oftentimes, you might get a distribution check, but also have a tax write off, right. So that's the beauty of being part of a syndication. And having a syndication that invests in real estate, you're getting the benefit, without having to do too much work on your end to actually get that benefit.

Casey Brown  8:26  
So I'm of the, I'm of the mindset, and of course, I think there's probably the listeners are a good bit of them are of the same mindset that typically, when the pendulum swings one way at the bottom, it's going the other way at the top right. And so when we start talking about depreciation, we start taking depreciation from the equation. So we made X amount of dollars in distributions, and we've gotten x amount of dollars in in depreciation. Now, how does that because when the asset is sold, is that does that same does that does that capital gain pass through come the same as the depreciation pass through?

Unknown Speaker  9:12  
Yes. So that's a really great question. And this is sort of a somewhat of a misconception I hear sometimes not on the syndication level, but more for people who have, you know, maybe smaller single family or just their own rental properties. I often come across investors who don't take depreciation because maybe a CPA has advised that, hey, don't take depreciation because if you do, you're gonna have to pay more taxes later. Um, it's really, really important to understand that depreciation actually is not a choice, the IRS actually requires you to take that right off. So if you're someone who CPE says don't take the depreciation because later you have to pay that in taxes. The main thing to understand is regardless of whether you take depreciation or not, eventually when you sell the property, the IRS will treat it as if you took depreciation. Okay, so, so there's no reason not to take it But yeah, if we go over like a really simple example, I bought a property for $100,000, I wrote off 20,000 of depreciation. So now my cost basis is 80, right? Because already wrote off 20, eventually, when I sell that property for $100,000, I'm gonna have a gain, because my basis is Adi, solo 400, there's 20 20,000 of gain. So but this is not as scary as what people make it seem. Because if I am going to own my property for several years, even five years, right, I generally want to take a write off now. So I can save taxes now keep my money reinvested and have a growth for the next five years, even if I'm gonna have to pay that back. Right when I sell the property in the form of tax. So and also to, for some people, sometimes the write off might be saving me taxes at, you know, 35 37% tax rate, when eventually when I pay back, I may be paying it back at a much lower rate. So not only is there a time value in saving the money, but also there's benefits in terms of just maybe getting a lower overall rate across multiple years, too.

Casey Brown  11:03  
And I guess it also opens the door for 1031 Exchange, which, again, you'd have to move, I guess you'd have to move all of the capital gain and everything. And I don't think that does the 1031 exchange cover the depreciation as well as the capital gain?

Unknown Speaker  11:20  
Yeah, for the most part, let's say you sell a property, if you're doing the 1031 exchange correctly, you can typically defer the entire gains. So meaning you don't have to worry about depreciation recapture. Okay. Now, the caveat I'm saying is doing it correctly, because, unfortunately, we do see 1031 exchanges gone bad sort of. But yeah, as long as you're doing proactive planning, you know, the best time to talk to your tax advisor is before you sell a property, right? So you say, Hey, I'm considering selling a property, what is my gain? What are the strategies or options I can utilize to offset the capital gains, you know, we frequently have clients who, you know, invest in single family home that they're selling. And so maybe one strategy is to do a 1031 exchange. But we also have people who are like, you know, maybe I don't want to buy more real estate, or maybe there's not a lot of deals available. So maybe instead of a 1031, exchange, they might invest some of that money into a syndication. And if the syndication is kicking off losses, maybe those can help balance out and, you know, help to defer, say some taxes as well. So there's a lot of strategies when you work with your tax person proactively before something happens versus if you talk to your CPA, after you've sold a property. There are very few things, you know, few strategies, I guess that could be done at that time.

Casey Brown  12:36  
Yeah, you're you're kind of locked up there. But you know, and that's the that brings, that brings another good point when, when you say use the term strategies, of course, as a marketer, again, which I so often referred to on the show is, is we're marketers that harder I am, it's difficult to, to, to scale or to, to put into the reasonable enough terms, an explanation for how this is going to save you taxes, when in fact, I really should just be saying, it's going to depend on your strategy, but this should save you taxes. So so the strategy, I think, as long as you're going into science strategies can change, obviously, but as long as you're going into something with the clear mindset of, Hey, these are the ideas, this is the strategy we're going to take. And then at the end, or or at least along the way, know that maybe this might could change a little bit. And we could have a little wiggle room, but but at the end of the day, you're still saving taxes. So we're always torn between the idea of being able to scale our message, while telling people that they can save money on taxes, and then coming back and saying, Hey, this is more really more of an individual type scenario, because everything can change, and it's just going to what your strategy is.

Unknown Speaker  13:55  
Yeah, and that's exactly right. You know, the tax strategy for every person is going to be different, you know, even someone who, even if both of you are making $100,000 of income, it could be very different. And so yes, the strategy is sort of ever changing, you know, we might come into a deal thinking, Okay, we're going to hold it for five years, and we're going to sell, but we might sell in year two, because, you know, we got a really great offer. And so so so that's an example of the strategy is changing, but also, in addition to just our strategies changing, the tax law is ever changing, especially in the last couple of years. You know, I've I've been on podcasts where, by the end of the podcast, everything I said was no longer true. You know, within a 40 minute frame, it's like, oh, actually, I've just signed some new stuff. And now this is outdated. And I think, you know, one of the main reasons that a lot of investors or just people in general overpay their taxes is because taxes aren't complicated. And, you know, we don't want to seem like a dummy. Like, we don't understand. We're just asking maybe, you know, stupid questions. And so people tend to You know, try to kind of avoid and not think about until April when we have to pay. But really, tax planning doesn't have to be complicated at all, I think what I always tell, at least for our clients, I always tell them, you know, you don't have to understand what, you know, all the strategies like, how do I do depreciation? How do I calculate this and that that's not your job as an investor, really, your main job as an investor is simply to keep that line of communication open with your tax advisor? Because it's very simple, you know, hey, Amanda, I might sell this property, what should I do? You know, I might want to refinance that property or which one of the two is better. And from there, it's your CPAs job to help guide you through the different options, looking at the numbers. I mean, you just have to make the decision, which one makes the more sense for me, tax savings, you know, practically speaking, and things like that? So that's ask the right question.

Casey Brown  15:49  
I think some people want to be like this. I know, when I first graduated college, and I first started working like, I wanted to, to set my situation up where I didn't have to pay any taxes. And that worked great. It worked great when you're making very little money. But as you start making income, you you realize that it's inevitable that these that this tax liability is going to come one way or or the other, it's going to come whether and then even even when you start looking at doing 1030 ones on the capital gains, and then you still, it only makes sense to do a 1031 into something that's producing income. And when you do that, and it's producing income, then you pay taxes on that income, and you defer the, the whatever, you know, you defer the tax payment on the capital gain. But so when you start looking at these things, and the 1031 exchange, and then you start adding in so with the K, let's go back to the k one, and say okay, so so we have a syndication that has five partners, $100,000, and in $100,000 property, each partner invested $4,000. So they're equal partners on the 20%. And does the depreciation of that property pass through pro rata to each investor on the k one?

Unknown Speaker  17:14  
Yeah, generally speaking, the depreciation all income and expenses will pass through pro rata. Now, of course, with anything in taxes, there are strategies where you can do some sort of special allocation between the partners, if it provides a better benefit. But that's not something that's, you know, suggested on, you know, like a blanket suggestion on a webinar, because there are a lot of downsides to consider as well and doing special allocation. But yes, you know, typically, if you have an entity with five partners, typically those losses, depreciation will be allocated amongst the partners based on their ownership percentage. And then once it gets to the partners, whether one partner how much taxes partner one versus partner two will save in taxes, that part is going to be based on their personal situation and what else they have going on what other income they have. And how much of

Casey Brown  18:07  
that comes back to that overall strategy. Again, where you like you said, you can't just make a blanket statement and say, Yes, you will, or no, you won't now, because that wouldn't make any sense. But so in most assets, let me correct me if I'm wrong, but are they depreciated over 27 and a half years, or is that just single family? I'm trying to sit here and recall. Yeah,

Unknown Speaker  18:29  
great question. So for residential real estate, which would be single family, duplexes, even apartments, right, those are residential properties. Usually, those are 27 and a half years. commercial properties in the taxable commercial would be shopping centers, medical building office buildings, the buildings of those are usually over 39 years. So I know sometimes, you know, as investors, we typically associate that with loans, right, like an apartment building is a commercial loan, but it's not a commercial property for tax purposes. So residential real estate. What's really great about depreciation is you know, oftentimes when we look at people's tax returns, they are taking the 27 and a half or 39 year building depreciation, that's the standard, you know, slow and steady depreciation. But currently, we have what's called bonus depreciation. So for some of these assets that you're utilizing for your investment properties, you don't have to wait 27 and a half years to take it right some of those assets we might be able to write off immediately in the first year through bonus depreciation and the concept of it in the tax world it's called Cost Segregation or accelerated depreciation. And this is where the cost segregation expert can come and help review your particular building or particular rental property and help you figure out for that building what is it made up of how much is special plumbing, how much and you know, flooring and cabinets, and with that, create faster to put iation rather than waiting 27 and a half years,

Casey Brown  20:03  
so on these costs segregations is that you said there's not a third party that like the taxpayer would hire to go out and give you a report. Let's just say on that, and then you use that report to couple that with your tax return, and then you send it on through. Exactly. So how does that? How does how far does that shave the 27? and a half years down? Or how far potential does it have? Yeah,

Unknown Speaker  20:27  
it will. So it's gonna really depend on the property itself. By you know, on average, we see maybe about 30% of the building purchase price as a first year deduction. So yeah, so you know, I mean, $100,000 property might be a $30,000, bonus depreciation from the cost segregation in the future. And again, some are higher, some are lower. But so it does, typically, what we recommend is that as an investor, you hire or your CPA can help you hire a Cost Segregation firm. And what that firm does is they will do the special engineering breakout of the building. And once they have that broken out, then your CPA will use that information to calculate the faster depreciation using tax law. So it's two parties, right? It's your CPA, as well as a cost segregation firm that does kind of the engineering breakout. I have come across investors who CPAs will actually do the breakout. But I always tell people, unless your CPA also has sort of an engineering degree or engineering background, which I certainly don't, then I wouldn't recommend the CPA do it because there's two, there's two technical abilities that need to happen there.

Casey Brown  21:36  
And is that auditable? Is a Cost Segregation analysis auditable? If if somebody were to determine that maybe somebody fudged quite a bit or something like that?

Unknown Speaker  21:46  
Yeah, definitely, just like with anything on the tax return, a tax return could be audited, and the IRS could challenge the Cost Segregation as well. You know, but if you're working with a reputable CPA and a reputable Cost Segregation firm, what they should do, they should stand behind their numbers. And that's the purpose of what you're paying them is that they have the documentation to support how they arrived at those numbers. You know, thankfully, in our firm, we don't come across a ton of IRS audits. I keep my fingers crossed. And I say that and that's

Casey Brown  22:20  
for sure. So I want to chat real quick. Now, we're where I come from, I come from a pretty heavy agricultural background. And of course, that that always lends itself to obviously, you can depreciate land. And a lot of times and accountant will make you on your depreciation, they come up with a with an amount that are like you pay, let's just say you pay a million dollars for a building. I've always been told now, of course, this is, I think, again, this is situational. But you want to leave a little bit off of your overall depreciation for the land itself, correct?

Unknown Speaker  23:00  
Yeah, definitely. And that is also property specific, too, right. So if you you know, if you bought a property that is inland, you know, outside of the city probably allocate very little to land. If your property is beachfront oceanfront downtown, there are probably a much larger piece of that purchase price is going to be allocated to land. So yeah, that is part of the overall planning as well for a newer investor trying to decide you know, which of these three properties should I buy? That does come into

Casey Brown  23:34  
play too. And then that leaves that leaves you a little on on little on proportioned basis in the property to I guess really? The other thing of course, with with the goes along with agricultural land a lot of times that there's some old barns and stuff like that, I think people have been known to attach some some of the overall cost of the land itself. They attach a basis to the the buildings or the outbuildings. And I think agriculture actually takes on a different a different type of accelerated depreciation. I think there's a little more I think they're a little more liberal with allowing some of that accelerated depreciation to take place earlier than they are later. Specifically on ag

Unknown Speaker  24:22  
Yeah, and the same thing like for mobile home parks, too, right. mobile home parks, we a lot of what we own is the land, which land itself is not depreciable. But land improvements. Right? Most mobile home park owners, we own the land improvements, as well as the homes right the mobile homes themselves. And so in breaking out all those and doing an analysis but yeah, general the general goal is to allocate as little to land as reasonably possible, more to the building more to the land improvements and be able to accelerate write offs now rather than waiting for 27 half years.

Casey Brown  24:56  
Sure, sure. Well then accelerate the write offs again, because you want to take care of Have your tax bill today, not next year, not the year after not 20 years down the road unless some people do plan for that, obviously, I'm not necessarily one of them that plans for anything about I'm trying to reduce my liability today and then live for live to fight another day, right and to go for but again, you know, once you kind of become resigned to the fact that, hey, these taxes are something that we're going to pay, we're going to have to pay, there's really not any way, specifically around paying taxes, although there might be some work throughs and some workarounds to reduce your liability, you're never going to 100% reduced that that just kind of comes with the territory. So with all that being said, what is so when so, so when somebody comes into a syndication, and they start looking at these, this k one, and they get these pass throughs that everything kind of just passes through? So in that's, that's pretty much what it is, right? I mean, you take all the expenses, so So the investor, they get a percentage of the expenses, not just we've talked a lot about depreciation, but like, if we went and hired a secretary that had to work at the at the building, they would get a certain percentage of, of what of what the cost for her is, and the certain percentage of the cost of the ink pens to operate the business and so on. So forth, right?

Unknown Speaker  26:23  
Yeah, definitely, definitely, from the k one itself will show that investors you know, allocated portion of total income minus total expenses of the company. And a lot of syndications actually have fees that they pay, right, not just the property manager, but also to the sponsor group, you know, acquisition fees, asset management fees. And the investors k one also show that as part of the deduction in the write offs, too, so

Casey Brown  26:51  
I'm gonna get split up on a pro rata, pro rata share, correct?

Unknown Speaker  26:55  
Yeah, typically, yeah, typically speaking, that's, that's how it works. You know, it's interesting, you brought up the fact that, you know, taxes are unavoidable. But that may not be the case, it depends on the structure. You know, we have clients who make a ton of money, you know, over a million dollars, and they don't pay any taxes at all, haven't paid taxes in years. And, but we also have people who make a million dollars and pay more than half of that to Texas. And so what's important is not the amount of money that's being made, but the type of income that's being made, right. So so you know, a high level example, you're someone working a W two job, you made a million dollars, you are going to pay taxes, right? More, most likely than not, again, there's always loopholes where that person might not pay tax, but generally speaking, that person is going to pay some tax, that will make a million dollars in real estate, highly likely that you could pay little to no taxes, because of all these other strategies that we're talking about. I mean, even with, you know, a 1031 exchange that we're talking about earlier, we're not getting rid of the tax, we're just kicking the can down the road, at some point, you might pay the tax. But what if you passed away with the real estate in your name, when in your trust, right? Current law says once we pass away, we get what's called Step Up basis. So our kids might inherit all of that without any tax, and we haven't paid any tax. And

Casey Brown  28:22  
is that is that governed by a certain? Do they only allow a certain amount of stepped up basis? Or is that infinite?

Unknown Speaker  28:28  
No, or under current law, there is no limit on that. So I buy something for $1, it's worth $10 million when I pass away, then I don't have to pay any taxes on all

Casey Brown  28:37  
that. Your inheritance. So I guess, I guess that's the benefit of dying in a way is that, that your kids or whoever your inherited gets, gets a stepped up basis. So

Unknown Speaker  28:50  
yeah, and it is a mistake we see a lot, you know, sometimes we have clients who are elderly, or their parents are elderly, and the parents want to start, you know, passing assets down to the kids. And it's something that's very tricky that we have to talk to them about, okay, if you know, if mom or dad gives us to you now you're gonna have to pay taxes on it at some point when you sell. But if they hold on to it for a couple more years, and you inherit the property, then maybe as a family, we don't have to pay any taxes.

Unknown Speaker  29:16  
A system divided up then instead of instead of doing it then so

Casey Brown  29:20  
yeah, there's there's a lot of strategy and everything. You know, you hate to just strategize your whole life away. But you really you have to take some of these things into account, especially as you build wealth, because the last thing you want to do is build all this wealth only to for your children to have to turn it around and and hand it to the government or hand half of it to the government or then struggle to pay the taxes on it, and end up forcibly losing it for for one reason or another. So anyhow, all right. Well, listen, as we're running out of time here, I want to ask you a couple of questions. It's what we ask every guest that comes on. What is the best book that you've ever read or are currently Reading if that's the best book,

Unknown Speaker  30:02  
can I say my book? Or no?

Casey Brown  30:05  
Yeah, yes, absolutely. What about you tell us the best book you've ever written and read? And then we'll give a plug for your book on the best book you've ever written?

Unknown Speaker  30:19  
Yes, yes, I love that. So when I've so many favorite books, it's hard to it's hard to pinpoint down to one. But one of my favorite books is how to build a business, not a job by David Finkel. And it's really helped me tremendously in my accounting firm, as well as for my real estate business. And just in everything I do, looking for ways to automate systematize or delegate the tasks, right, so I have more time to do kind of big picture and planning and things like that. So that's a book I highly recommend for business owners, as well as real estate investors. My favorite book that I ever wrote, I like that question is tax strategies for the savvy real estate investor. And you can find that just on Amazon. And it's a compilation of actual client stories that my husband I have experienced over the years and working with real estate investors. So we share stories about how people have effectively saved taxes, as well as how people have messed up big time in using the wrong strategies or no strategies. So

Casey Brown  31:31  
it's got to be a big one, I would think because a lot of people just go into things and they see piles of money at the end of the rainbow, and they just don't ever just don't pay any attention. I think. I think a lot of times you see that with especially lottery winners and stuff like that people that that haven't necessarily needed somebody to guide them a little bit like what you're talking about. So alright, so what is the best trip you have ever taken or hope to take like a dream vacation or something like that?

Unknown Speaker  31:58  
Oh, my gosh, so many great trips. I think one of my favorite ones was when I went on an Alaskan cruise with my grandma, my family when I was in college, I didn't know what to expect. I just envisioned like a ship with a bunch of old retired people. Which was actually what it ended up being. But the you know, the the scenery, the excursions we did, it was just really beautiful and relaxing, and that I wasn't really a nature person until I kind of experienced Alaska.

Casey Brown  32:29  
That's awesome. Yeah, to Alaska, they say will turn you into a nature person. I think it would be very, very neat to see. So alright, so if the listeners heard something today that they would like to reach out to you about or maybe get some some, some some information on or, or even possibly even speak with you about having you guide them or hire you or some other capacity, what is the best way for them to reach out to you?

Unknown Speaker  32:53  
Yeah, I think the best place to find me is actually on my website. It's www dot Keystone cpa.com. And we actually have a free downloadable eBook for any of you who, you know, if you don't want to buy the book from Amazon, we have a kind of a mini version. And we talk a lot about different strategies for investors. You know, what type of legal entity should you have? How do you pay your kids and take a tax write off for your real estate? You know, what's the most common tax mistake for investors? And so yeah, you can go down, go there to our website at Keystone cpa.com and download the book and I try to put tax updates on our site as well. So definitely check that out.

Casey Brown  33:32  
Now, real quick, can you can you name the title of the book one more time?

Unknown Speaker  33:36  
Yes, tax strategies for the savvy real estate investor.

Casey Brown  33:40  
cool deal. cool deal. Amanda. I can't thank you enough for coming on here. I know. It's it's tough to take tax strategies and tax discussion and pep it up into an enjoyable topic. But I feel like you did a superb job of that. And really, again, if we can just help somebody that or at least get somebody in touch with you that maybe need some help. So either way, I want to thank you again for being on here and thank everybody out there in listener land for listening to us today. And Amanda, thanks again. Thank you

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