In the interview with Tim Mansour, I asked him what he does, what his business looks like, and how he helps people. He says that he’s typically an accountant where he does tax returns, tax planning, and tax issue resolution. He also says that he prides himself as having technical knowledge in knowing the tax law and if there’s someone who really says that he/she knows everything about tax is unrealistic.
To listen to Tim Mansour’s Alchemist Nation Real Estate Podcast: #38 Tim Mansour The Social Accountant
I also ask him that one thing he does for people. Tim says that he brings his expertise to the table to save significant tax dollars. I continue to ask him what should be people claim and not claim since everyone’s job is to make more money. Tim explains that he has never told a client not to make less money and he says that don’t go spending money just for a tax write-off. He says that an excellent leverage point for real estate investors is depreciation as it relates to tax savings and lending and if you aren’t doing cost segregation on your properties, you’re missing a lot of money.
I further ask Tim if we could own properties in a self-directed IRA or it is for individual use only. He says yes but it is subjected to qualification and rules that he doesn’t have handy right away. He says that you can do it but you will still have limitations.
Tim explains seller financing where you are allowed to pay taxes as you get the money i.e you’re paying the money on the gain and on the interest.
Tim offers advice to the younger version of himself that would put him into a great spot today.
1) – Buy more real estate because most of his clients are wealthy because of it.
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To listen to Tim Mansour’s Alchemist Nation Real Estate Podcast on Anchor: #38 Tim Mansour The Social Accountant