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
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 RUclips. Good job, Sir. Please keep it up.
My wife and I have built small but not insignificant investment and real estate portfolios. She is still a W2 earner. This video has been the most informative I've seen yet. I'm working with another content provider's organization and even they have not given me the true understanding of these strategies you've provided. This video alone has solidified my strategy for how to proceed with my estate planning! I'm about to watch it again! Thank you, this was outstanding!
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!
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.
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
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!!!
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.
401K - Everyone suggests to max out one’s 401k. But don’t we eventually have to pay the tax on it later in life when One might not have the energy/capability to earn. Also we don’t know how much tax one might have to pay at that time, it could be higher than what one would have paid today.
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?
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
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)?
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.
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.
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?
Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks RUclips Algorithms for the money saving suggestions ChaChing🙏🏻
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
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!
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
Honestly this video is probably the first one I came across that explained things instead of just saying random vague info, thank you!
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 RUclips. Good job, Sir. Please keep it up.
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!
My wife and I have built small but not insignificant investment and real estate portfolios. She is still a W2 earner. This video has been the most informative I've seen yet. I'm working with another content provider's organization and even they have not given me the true understanding of these strategies you've provided. This video alone has solidified my strategy for how to proceed with my estate planning! I'm about to watch it again!
Thank you, this was outstanding!
Opened my eyes to ways to combat taxes as I drop out of qualified widower status. Single tax rate really sucks.
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
This was your best video you have made! Impressive teaching. Thats it! I am becoming an EA.
This right here Karlton?!!!! ALL LIFE CHANGING nuggets! Thank you!!!
Would you do a separate video on tax reduction strategies using trusts and foundations?
You’re on another level, love your videos
Wow! Such great information. I need to research CRTs...very interested!!!
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!
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.
The analysis on the CRT is off a bit. The deduction is limited to the contribution less the PV of the annuity.
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.
I am committed to self-development & thriving.
Let’s not forget there’s a phase out for the traditional IRA if you want a deduction
MIND BLOWN. ty for these tips
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 😢
If your high income the ira and roth irs doesnt allow you to contribute if your over an certain amount
Karlton, I am speechless! You are awesome!
This is literally what I’ve been stressing over, thank you so much
So much information in such a short video. Thank you!!!
You my friend a very sharp! This is an awesome video!
Traditional IRA doesn’t Lowe your tax bill if you make 500k. You meant IRA then convert to Roth IRA to protect the growth from taxation.
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
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.
The PFF is the best route to go.
Nice information… could you make a video regarding applying this strategy to high 1040 income earners vs high w2 earners?
You explain things so clearly. Excellent and thank you.
He dropping gems! Great video. Thanks for sharing.
Best explained!!! Thanks!
I strongly recommend you to see what the guys at Valur are building regarding charitable remainder trusts :)
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.
My 308(b) is down almost 5%. Froze it. All my extra money is going to tsla.
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!!!
Thanks for sharing these strategies typically reserved for millionaires. Our time is now!
Do you have or can you make a video for someone who is retired (medically from the military), and they win the lottery/ sweepstakes?
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 .
this is pure gold, thank you for sharing!!
Very thorough presentation! Thank you!
Liked. Commented. Subscribed!
IRA(401k + Roth IRA) total contribution is $6000. I made this mistake thinking I have extra $6000 Roth IRA not including my 401k
I ain’t going to lie karlton this is like good to me in 2022🥇
you speak to us for real .... no shenanigans !!!
If you have a property management company, but make decisions, how do you capitalize on additional deductions?
Awesome thanks i love it very honest and thorough!
Cool video. What threshold would you consider makes one a “high income” earner? $500,000?
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.
Also how long is the scheduled one on one phone call? If we schedule one?
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?
401K - Everyone suggests to max out one’s 401k. But don’t we eventually have to pay the tax on it later in life when One might not have the energy/capability to earn. Also we don’t know how much tax one might have to pay at that time, it could be higher than what one would have paid today.
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 you are great!!
Great job 🎉
Great info Karlton!! Thank you!!
I love this video! CRT💯💪
Hey Karlton could I have ur video editor video I need a good one?!
So can I add a PFF as part of my 501c 3 non profit?
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
What happens to the money in the PFF?
How well does this translate to a small business owner?
You don't get tax savings from a traditional IRA if you make 500k per year.
I appreciate YOU sooooooooooo much, Karlton!!!!!!
Amazing KD! Highly useful.
Love love this channel.
this dude is NAILS
Appreciate you, Karlton!
can you do both 401k (max ded) and IRA? I thought you coud one or the other
Nice! thanks, Karlton!
Can the annuity left over go to a family or childs charity when you die ?
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?
For PFF can you donate 5% to your own 501 (C)?
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 you combine personal business with unrelated compangy earnings
What about paying/investing into IUL's?
Great video! One ?: can other family members contribute to the PFF and get a deduction? thanks for the great work.
Thank you for the insight.
great explanation bro
Can a 1099 Contractor start and fund a PFF??
You go bro!
Great job!
Put in a annuities or IUL’s..?
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
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.
Could I set up a PFF and a CRT and set myself up for 60% taxable income?
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?
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
This is the real stuff....
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?
Great video. Thank you!
Mans is the goat 🐐 that’s it
Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks RUclips Algorithms for the money saving suggestions ChaChing🙏🏻
SUPER helpful content.
What about renting to yourself?
How do I go about getting you to be my financial advisor and tax guy
Your videos are so great but the music in the background is unnecessary. We can't focus
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