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Real estate and business ownership offer numerous tax benefits from "summary" of Tax-free Wealth by Tom Wheelwright
When it comes to building wealth, understanding the tax benefits of real estate and business ownership is essential. By leveraging these benefits, you can significantly reduce your tax liability and keep more of your hard-earned money in your pocket. One of the key tax benefits of owning real estate is depreciation. Depreciation allows you to deduct a portion of the cost of your property each year, even though the property may actually be appreciating in value. This deduction can offset other income and reduce your overall tax bill. Additionally, real estate investors can take advantage of deductions for mortgage interest, property taxes, and operating expenses. These deductions...
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