Episode 137: The #1 Tax Hack for High Earners!

Episode SummaryThe #1 Tax Hack for High Earners! Keep More $$$ (Without Working More Hours!) In this eye-opening episode of the Luxury Rental Doctor Podcast, Dr. Rachel Gainsbrugh sits down with top tax strategist and real estate investor Ryan Bakke, CPA, to break down one of the most powerful and misunderstood tax strategies available to high-income professionals—especially those working in medicine. If you’ve ever felt like you’re grinding through extra shifts just for the IRS to take a huge bite—this one is for you. Ryan unpacks how to legally reduce your tax burden using short-term rental strategies and how to protect yourself from an IRS audit without losing sleep (or money). This conversation is a must-listen for busy professionals who want to make real estate work smarter—not harder—for them.💡 What You’ll Learn: ✅ Why doctors work until May just to start keeping their money—and how to fix it ✅ How short-term rentals create legal tax advantages—even if you work full-time ✅ What to do (and what NOT to do) if you get audited by the IRS ✅ How to set up your real estate entity structures for max protection and minimal headaches ✅ The #1 mistake high earners make with their tax prep (and how to avoid it) ✅ Why real estate income can be tax-free—if done right ✅ How to shift income from active to passive and finally gain real financial freedom⏱️ Timestamps: 00:00 Welcome & Introduction to Ryan Bakke 02:00 Why taxes alone shouldn’t drive real estate decisions 07:00 The true power of passive income for doctors 10:00 What triggers an audit and how to survive one 15:00 The tax log audit checklist: what to document + how 20:00 LLC & entity structures for real estate investors 28:00 REPS vs. Short-Term Rental Tax Benefits 32:00 Common CPA mistakes with STR tax filing 36:00 Real estate “failures” that became powerful lessons 39:00 Plumbing backups, permits & costly lessons 41:00 Burnout, partner regrets & redefining success 42:00 Ryan’s favorite automation tool for real estate pros🧾 Audit-Proof Your Rental Business: Here’s what the IRS will look for—so have these ready:✅ Time logs (date, hours, tasks, who performed the work)✅ Receipts + credit card/bank statements✅ Travel docs, photos, location data, and proof of property activities✅ Avoid rep status mistakes if you work full-time! 🔥 How I Got Here:2018: Started investing after realizing a W2 alone wouldn't create lasting wealth2019: Left pharmacy and started building MTR & STR income2020: Automated my business & scaled my rentals to a near-passive system2022: Leveraged short-term rental tax strategies to pay ZERO in taxes2023: Helped over 2,700 busy professionals make extra money on the side through real estate 🎁 FREE RESOURCESDownload the "75 Gems" Training: shorttermgems.com/75gemsJoin Our Community: facebook.com/groups/422973842093365Follow Us on Instagram: instagram.com/short.term.gemsVisit Our Website: shorttermgems.comBook a Strategy Call: shorttermgems.com/bookListen to the Podcast: <a href="https://www.shorttermgems.com/podcast" rel="noopener noreferrer"...