You are the man. I’m have been asking these questions and haven’t gotten any good response until today. I get the same blaa blaa you highlighted. You are a life saver. Great job
So many awesome tax strategies discussed in this video. As always, Karlton is full of knowledge. I like the philanthropic option. If you pay believe in paying tithes to a church, this can be your charitable donation. 😇 Thanks for this golden nugget Karlton!
Bro. your videos get me so excited. I'm studying trust structures/strategies and this video puts things together for me. Good to see quality information on TH-cam. Good job, Sir. Please keep it up.
Wow, I own some SF rentals and I did not know about the difference in having short term rentals in terms of losses. Great information, I need to look more into this.
This was exactly what I was looking for. Recently hit a significant 6 figure mark with a recent promotion and Jesus… losing so much money. PFF is golden .
Hi, Karlton: You have great energy and are charismatic. My concern is that I don't see any educational background or financially-related licenses listed in your "ABOUT" section, such as CFP, CPA, or a license as an attorney or security 7. Would you mind posting this,? or simply explain that you are self-educated.
U can only deduct medical and dental what’s above 7.5% of your AGI So if 7.5% of ur AGI is $5000 and ur medical amounts paid is $5000 there’s nothing to deduct
Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks TH-cam Algorithms for the money saving suggestions ChaChing🙏🏻
Great video. I'm not certain that I understand the "Real Estate Professional" concept. I have two Commercial Strip Centers and no "Short Term" Tenants. How do you set up a seven day or less real estate business? Thanks
i wil be head of my private family foundation and also of a 501c3 organization. How can i minimize taxes with itemization, real estate, any medical expenses (health insurance??), etc. - 9 figures
Is there any income limit for Traditional IRA deduction? Thought we can’t deduct if AGI is >140k. Btw, I learned so much watching your videos and I hope one day I’ll get a chance to meet you.
Correct, can't deduct traditional contributions if your MAGI is over the phase out limit. Hence, you'd have a non-deductible contribution...and that's why many people do the backdoor Roth ira anyway since now they're only able to focus that contribition on tax-free growth & distribution.
@Nancy Bui Is it true that the backdoor Roth option has gone by the wayside due to recent changes? This is what I heard when I inquired about a backdoor Roth recently.
QUESTION: KD: I've heard some ppl espouse renting rooms of their investment home by the week. Would this still qualify as a short term rental if the renter continues to stay week to week to week?
But are the tax savings worth the additional effort/capital needed to start and maintain these strategies (managing a trust, running a real estate business)?
Thank you for the great information. Is there anything that can be done for 2021 taxes regarding a PFF or CRT or even real estate if it is already 2022?
I'm a truck driver with rentals. Single (at the moment). Property management company manages my rentals. How could I become designated as a real estate professional? Could I aquire a realtor license?
this explains why Trump donated his salary as president for 4 years to research foundations and other charities. It gave him a break on his other incomes, or at least that's what I think. I would think when you are a billionaire that would make sense to give over 400K a year to research and other charities to get these kind of deductions.
@@jtowensbyiii6018 You don't know that, and whatever changes Trump made, I know it benefitted my paycheck and my tax return was more than double what I ever received, so I don't want to hear all the horse crap!
It makes me nauseous that the foul politicians in DC actually believe that my hard earned paycheck belongs to them to send overseas foe their pet projects...
Karlton, thanks for the very inciteful information! It feels great to have the financial problems I'm dealing with now versus when I was becoming a man! I do have a question, where would you recommend setting up the PFF since I'm more a c charitable person? I will definitely schedule an appointment to discuss our personal situation with you in detail! Thanks for all you do and keep up the great work!!! First of All, Servants of All, We Shall Transcend All!!!
That’s just half of the truth. Yes, you can get a tax deduction for the contributions but how do you get the money out of a private foundation? That’s the tricky part and the IRS doesn’t make it easy to play funny games. At the end you avoided the initial tax but gave almost all the money away. Maybe even more as you have to pay people like you and lawyers to setup and run these foundations.
Awesome video! Currently running 3 Airbnbs short term rentals. But currently forced to shut down 2 from the landlord change of ownership. Does that mean the rental income is now a loss for the rest of the year? Can I now deduct that from my w2 nurse wages?
I have a very similar question. My W-2 salary is about $100k but I have made about 640k in gain from stock investments, nothing sold yet, can I do the PFF too? I have maxed everything else out.
A round of applaud for the great analysis and breakdown of personal perspective. I woke up to the sad news by FTX. The market circumstances are driving me insane, my portfolio has lost almost $18500 this month alone, my earnings are tanking, and I can't see how my retirement will go smoothly when I can't even increase my stagnating reserve. I wonder whether those who lived through the 2008 crash had it
You are the man. I’m have been asking these questions and haven’t gotten any good response until today. I get the same blaa blaa you highlighted. You are a life saver. Great job
It's rare that I find a new channel that I love so much that I have to watch EVERY vIdeo....but today is my lucky day!
This dude is so awesome! Finally an channel i don’t have to speed up. He is already at 1.5. Gets straight to the point as well. Awesome find for me!
This right here Karlton?!!!! ALL LIFE CHANGING nuggets! Thank you!!!
So many awesome tax strategies discussed in this video. As always, Karlton is full of knowledge. I like the philanthropic option. If you pay believe in paying tithes to a church, this can be your charitable donation. 😇 Thanks for this golden nugget Karlton!
man youre videos are very helpful and eye opening, iv been looking for someone like you for a while and almost lost hope so thank you
Let’s not forget there’s a phase out for the traditional IRA if you want a deduction
This is literally what I’ve been stressing over, thank you so much
You’re on another level, love your videos
You explain things so clearly. Excellent and thank you.
I am committed to self-development & thriving.
Wow! Such great information. I need to research CRTs...very interested!!!
Bro. your videos get me so excited. I'm studying trust structures/strategies and this video puts things together for me. Good to see quality information on TH-cam. Good job, Sir. Please keep it up.
Wow, I own some SF rentals and I did not know about the difference in having short term rentals in terms of losses. Great information, I need to look more into this.
Nice information… could you make a video regarding applying this strategy to high 1040 income earners vs high w2 earners?
Karlton, I am speechless! You are awesome!
It’s insane how much I learn watching these. I definitely owe you money KD but I can’t book a consultation through your link 😢
This was exactly what I was looking for. Recently hit a significant 6 figure mark with a recent promotion and Jesus… losing so much money. PFF is golden .
Awesome thanks i love it very honest and thorough!
This was absolutely amazing!
I strongly recommend you to see what the guys at Valur are building regarding charitable remainder trusts :)
Amazing KD! Highly useful.
I appreciate YOU sooooooooooo much, Karlton!!!!!!
Hi, Karlton: You have great energy and are charismatic. My concern is that I don't see any educational background or financially-related licenses listed in your "ABOUT" section, such as CFP, CPA, or a license as an attorney or security 7. Would you mind posting this,? or simply explain that you are self-educated.
The analysis on the CRT is off a bit. The deduction is limited to the contribution less the PV of the annuity.
Liked. Commented. Subscribed!
What’s the meaning of: you have control over the foundation? Can I send money to my parents in another country? It’s for medical expenses.
U can only deduct medical and dental what’s above 7.5% of your AGI
So if 7.5% of ur AGI is $5000 and ur medical amounts paid is $5000 there’s nothing to deduct
this is pure gold, thank you for sharing!!
Appreciate you, Karlton!
My 308(b) is down almost 5%. Froze it. All my extra money is going to tsla.
I ain’t going to lie karlton this is like good to me in 2022🥇
great explanation bro
IRA(401k + Roth IRA) total contribution is $6000. I made this mistake thinking I have extra $6000 Roth IRA not including my 401k
Makes sense to me. Thanks! Not there yet but good to know.
Depreciation not that good for high incone w2...
It goes into bucket for later.
Kinda sucks.
Nice! thanks, Karlton!
Your videos are so great but the music in the background is unnecessary. We can't focus
Thank you for the insight.
Thanks you are great!!
Great video. Thank you!
Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks TH-cam Algorithms for the money saving suggestions ChaChing🙏🏻
Great video. I'm not certain that I understand the "Real Estate Professional" concept. I have two Commercial Strip Centers and no "Short Term" Tenants. How do you set up a seven day or less real estate business? Thanks
It’s insanely hard to find a CPA where I live let alone get one to answer the phone or call you back. Absolute joke
You go bro!
This is the real stuff....
Pure jewelry Fam!, thx
Cool video. What threshold would you consider makes one a “high income” earner? $500,000?
i wil be head of my private family foundation and also of a 501c3 organization. How can i minimize taxes with itemization, real estate, any medical expenses (health insurance??), etc. - 9 figures
Also how long is the scheduled one on one phone call? If we schedule one?
So can I add a PFF as part of my 501c 3 non profit?
Is there any income limit for Traditional IRA deduction? Thought we can’t deduct if AGI is >140k.
Btw, I learned so much watching your videos and I hope one day I’ll get a chance to meet you.
Ya most convert it to a Roth right after. Assuming they don't have other tradional ira balances
Correct, can't deduct traditional contributions if your MAGI is over the phase out limit. Hence, you'd have a non-deductible contribution...and that's why many people do the backdoor Roth ira anyway since now they're only able to focus that contribition on tax-free growth & distribution.
@Nancy Bui Is it true that the backdoor Roth option has gone by the wayside due to recent changes? This is what I heard when I inquired about a backdoor Roth recently.
@@Aijemcire99 nothing has changed. Backdoor Roth is still a strategy many use
Brilliant guy, ty
Can the annuity left over go to a family or childs charity when you die ?
Mans is the goat 🐐 that’s it
QUESTION: KD: I've heard some ppl espouse renting rooms of their investment home by the week. Would this still qualify as a short term rental if the renter continues to stay week to week to week?
But are the tax savings worth the additional effort/capital needed to start and maintain these strategies (managing a trust, running a real estate business)?
Can I use a pff to buy groceries? Lol large family, 40k per year.
if i sell my property now but no property to roll it over to as of yet, how long do i have to avoid capital gain tax?
What about paying/investing into IUL's?
Can you combine personal business with unrelated compangy earnings
Thank you.
Thank you for the great information. Is there anything that can be done for 2021 taxes regarding a PFF or CRT or even real estate if it is already 2022?
I'm a truck driver with rentals. Single (at the moment). Property management company manages my rentals. How could I become designated as a real estate professional? Could I aquire a realtor license?
this explains why Trump donated his salary as president for 4 years to research foundations and other charities. It gave him a break on his other incomes, or at least that's what I think. I would think when you are a billionaire that would make sense to give over 400K a year to research and other charities to get these kind of deductions.
He made millions on his own tax changes, it was to benefit the rich 100%
@@jtowensbyiii6018 You don't know that, and whatever changes Trump made, I know it benefitted my paycheck and my tax return was more than double what I ever received, so I don't want to hear all the horse crap!
I imagine that his is the same tax strategy for 1099 earners also?
Should you do a PFF or CRT if you make less than $500K?
Yes, if you're at highest tax bracket (currently @ 37%)
Put in a annuities or IUL’s..?
Can a 1099 Contractor start and fund a PFF??
no wonder those NBA plays all have family foundations.
According to 2022 IRS, I can't use traditional Ira deduction cause it's unavailable if magi is above 136k. So your statement is wrong.
Dope
Bro your Godly.
so, depreciation it useless unless I make 50k a year. I have huge doubts that I am able to buy rental property earning 50k a year.
Yes
🔥🔥🔥
🤯🔥🤯🔥🤯
It makes me nauseous that the foul politicians in DC actually believe that my hard earned paycheck belongs to them to send overseas foe their pet projects...
I have gas
Who’s making $500k as a W2 earner? 😆
DO THESE WORK FOR SOMEONE WHO MAKES 120K ON W2?
Opened my eyes to ways to combat taxes as I drop out of qualified widower status. Single tax rate really sucks.
Honestly this video is probably the first one I came across that explained things instead of just saying random vague info, thank you!
For PFF can you donate 5% to your own 501 (C)?
Would you do a separate video on tax reduction strategies using trusts and foundations?
Hey thank you for this knowledge you share. This year we had to pay and just went on with and bow I'm looking for ways to avoid paying taxes.
He dropping gems! Great video. Thanks for sharing.
Karlton, thanks for the very inciteful information! It feels great to have the financial problems I'm dealing with now versus when I was becoming a man! I do have a question, where would you recommend setting up the PFF since I'm more a c charitable person? I will definitely schedule an appointment to discuss our personal situation with you in detail! Thanks for all you do and keep up the great work!!!
First of All, Servants of All, We Shall Transcend All!!!
If you have a property management company, but make decisions, how do you capitalize on additional deductions?
Do you have or can you make a video for someone who is retired (medically from the military), and they win the lottery/ sweepstakes?
That’s just half of the truth. Yes, you can get a tax deduction for the contributions but how do you get the money out of a private foundation? That’s the tricky part and the IRS doesn’t make it easy to play funny games. At the end you avoided the initial tax but gave almost all the money away. Maybe even more as you have to pay people like you and lawyers to setup and run these foundations.
This was your best video you have made! Impressive teaching. Thats it! I am becoming an EA.
Awesome video! Currently running 3 Airbnbs short term rentals. But currently forced to shut down 2 from the landlord change of ownership. Does that mean the rental income is now a loss for the rest of the year? Can I now deduct that from my w2 nurse wages?
No,because u don’t own the property. That’s the Tax loophole. This guy is AMAZING ❤️❤️❤️🍹
Landlord gets the deductions not you
Thanks for sharing these strategies typically reserved for millionaires. Our time is now!
my estimate crypto/stock portfolio will be 1m+ can i use a pff for that? i plan to help pay my family members
I have a very similar question. My W-2 salary is about $100k but I have made about 640k in gain from stock investments, nothing sold yet, can I do the PFF too? I have maxed everything else out.
If your high income the ira and roth irs doesnt allow you to contribute if your over an certain amount
A round of applaud for the great analysis and breakdown of personal perspective. I woke up to the sad news by FTX. The market circumstances are driving me insane, my portfolio has lost almost $18500 this month alone, my earnings are tanking, and I can't see how my retirement will go smoothly when I can't even increase my stagnating reserve. I wonder whether those who lived through the 2008 crash had it
You my friend a very sharp! This is an awesome video!
MIND BLOWN. ty for these tips
How well does this translate to a small business owner?
Very thorough presentation! Thank you!