Lesson Learned. You better learn the rules to the games you play!

31 Jan 2025 · 1 min

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Steve D Valentine invested nearly $2 million with his parents in rental properties but wasn't listed on the corporate paperwork. His mother got the tax write-offs and carry-forward losses while Steve took on $1 million in debt and paid taxes he could have avoided. Know the rules before you play.

Questions this video answers

Almost $2 million (rental properties and cash infusion).

10 years of carry forward losses.

About $1,000,000 of debt.

January 31, 2025.

Chapters

You know the hardest thing about my parents was we put almost $2 million of rental properties and cash infusion into all those companies. You know what I learned from that? If you start investing into a partnership, you better damn well be on the freaking corporate paperwork because guess what happened with that? I wasn't on the corporate paperwork and that company took all the losses. My mom got 10 years of carry forward losses and I got a million dollars worth of debt that not only had to pay back, but I also had to pay taxes on the income that I earned because I didn't get 10 years of write offs. So now if I was smart I would have gone back and amended a bunch of stuff, but I was just trying to freakin make it through. So you know, this is one. You know when you guys see all the things I talk about, things, it's because something got fucked up, plain and simple. And I learned from it. And that's where I'm at now is because look, I've had some serious bumps and bruises financially and I just continue to learn and continue to share with you guys so that you don't make those mistakes.