Episode #13 - Short-Term Rentals: Active vs. Passive Income Strategies with Pete Schindele
ROYAL LEGAL SOLUTIONS
Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.
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MEET THE HOSTS
Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.
Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.
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KEY TAKEAWAYS
It's common knowledge that rental income is typically classified as active income. This income is then reported on a 1099 Schedule C and incurs self-employment tax of around 15%. What you might not know, is that there are ways to structure a short-term rental business so that it qualifies as passive income. Passive income is exempt from self-employment tax. Listen in as Pete presents the distinctions followed by the IRS and as group members chime in with their personal experiences.
Want a refresher or to see what you missed? Watch the replay.
View Short-Term Rental: Active vs. Passive Income Strategies (ppt)
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ENGAGE WITH US
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Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0
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DISCORD COMMUNITY
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WEBSITE: royallegalsolutions.com
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