Ep. 125 | Delaware Statutory Trusts Explained
Download MP3Hey, everybody. Welcome back to the teaching tax flow podcast episode 125. We are looking at DSTs today. That's right. DSTs.
John Tripolsky:But before we do that, let's take a brief moment as always and thank our episode sponsor.
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John Tripolsky:Alright, everybody. Back here on the Teaching Tax Flow podcast. On this episode, we are gonna dive into DSTs, so those Delaware statutory trusts. If you don't know what that is, good. You're in the best place to learn about it.
John Tripolsky:Chris Pacquero, welcome back to your own show, sir. How are you doing today?
Chris Picciurro:Well, thanks for having me back, John. I appreciate it. I am doing great. We know this weather is warming up around, the country, and this is kind of the, you know, it's kind of a fun time of year, but I am really excited about this topic. It's something that we've been wanting to talk about for, actually, quite a while.
Chris Picciurro:And, you know, we we spend a lot of time planning our, planning our content, but, really excited to talk about this strategy, this week. We have an amazing special guest. But other than that, I'm doing great and, you know, excited to jump in and,
John Tripolsky:And you have to say something about the weather. Right? Because, obviously, you're down south. I'm up north. You say it's warming up.
John Tripolsky:It is still warming up, but it's still below freezing for me, good sir. So one of these days, I'm gonna have to shave my beard off just so I don't get icicles growing in this thing. But in the meantime, we'll talk about something that people actually care about. So these TSTs, I will Chris, I'll let you introduce our guest here. Again, I'm really excited about this one too to kinda echo what you said.
John Tripolsky:It's been on our kind of ever evolving roster for probably well over a year, year and a half, where we've just been looking. We've looked for a great guest to speak on it, somebody that knows a lot about it, you know, eats, breathes, breathes, lives, sleeps, everything about these, and I think we have that person. So I'll let you take it from there.
Chris Picciurro:You are correct. And we talk in teaching tax flow about legally and ethically reducing the tax you pay in your lifetime. We've had an episode on what's called the ten thirty one exchange. So for those taxpayers that fit the avatar that, you know, maybe they're repositioning their portfolio, they're selling property. We know one of the three one of the three laws of teaching tax law or is that tax agencies are your involuntary business partner.
Chris Picciurro:Tax laws are written to encourage and discourage certain behavior. Hence, we always talk about how real estate is an asset that the, that that the government encourages us to invest in because of the tax breaks. So one of those big tax breaks is a ten thirty one exchange, and a ten thirty one exchange, we're gonna dive into that in a little bit. We also have a full episode on that and some some of a lot of content on our YouTube channel on that. But but for someone that maybe wants to sell an asset, reposition, and they're sitting on to a large taxable gain, but they don't wanna pay tax on that.
Chris Picciurro:Maybe they just wanna keep that money going and reinvesting into real estate. This is a great opportunity. And so we're gonna build on our previous knowledge of ten thirty one exchanges, and we're gonna look at something called a Delaware statutory trust. You'll commonly hear it referred to as a DST. In the tax world, we have so many acronyms.
Chris Picciurro:So when you're at your real estate meetup or you're at your next cocktail party or your your kid's soccer or baseball game, oh, yeah. You hear about the, you know, Oh, I win. I had this apartment building. I, you know, I I did a DST. Now you could shake your head and say, oh gosh.
Chris Picciurro:I know what that is. So thanks for listening. But, really excited to jump into Delaware Stash Trust. So we have from Exchange Right, who is a company that I've done business with and our private CPA firm's done business with. Amazing to work with, Warren Thomas, a recovering practicing CPA at his own practice, and he's from well, we all know if you're a sports fan where the Tournament of Roses is, joining us from Pasadena, California today.
Chris Picciurro:Last time, the Michigan State Spartans were there did they did walk away with a victory, although that was a long time ago. But welcome, Warren. How are you doing? And thanks for joining us.
Warren Thomas:Thank you. Yes. I'm doing well. And I am I am in Pasadena today, and the weather here is about 82 degrees. So that's a a good place to be.
Chris Picciurro:Maybe you can get out on that golf course next to the Rose Bowl. I don't know if you golf, but,
Warren Thomas:I'm I've golfed badly for fifty years. So
Chris Picciurro:yes.
Warren Thomas:Most of the reg I'd be running a charity tournament. I'd be interested in coming and playing as long as it's the best ball foursome, and, you can use me for putting or something like that.
Chris Picciurro:No. I empathize. I would be searching for the pickleball courts as everyone knows. And, John, yes, we're five minutes in, and I've already mentioned pickleball. I usually try to avoid it.
Chris Picciurro:At least don't. Good work. Good work. You have points to
John Tripolsky:Usually, you wait until the end or at least the last 20% of it. So you're you must be very ambitious today.
Chris Picciurro:Well, I've been out on the courts a lot. Well, Warren, can you give us a little bit of a a background about yourself and and how you kinda got into, exploring opportunities with the Delaware statutory trust? And then we'll jump into what we what kind of animal we're even talking about.
Warren Thomas:Yeah. Happy to do that. So just my background, I started as a CPA and auditor with a company called Ernst and Ernst, which is now Ernst and Young. And then, that that was quite a few years ago, but I, then founded a CPA firm in Southern California, ran that for twenty five years. It was primarily a small business and tax practice.
Warren Thomas:And, my, so I have CPA. I have masters in taxation. But by the early two thousands, we were working with quite a few, investors that were engaged in ten thirty one exchanges. And so we began doing due diligence on a number of companies that were bringing out programs for the ten thirty one exchange investors. So we were reviewing all sorts of asset classes from hotels to office to multifamily to oil and gas to net lease and really got our education by doing due diligence.
Chris Picciurro:Well, so so you're kinda on on the other side of it. Right? You're looking at looking on behalf of your clients, and you mentioned something interesting that, you know, a lot of times people don't really understand about ten thirty one exchanges, and and, again, we're gonna jump into DSTs in a moment that when we talk about a a like kind exchange, which means you're you're you're selling a real estate or an asset, you know, a real estate asset and acquiring another real estate asset, a lot of there's a lot of misconceptions on what a like kind exchange in and and can you exchange from, you know, maybe you own a single family home and and you're looking to get into, even a mobile home syndication. Are you allowed to kinda mix and match asset classes?
Warren Thomas:Yeah. You sure are. So, a a like kind exchange, like kind can mean a property held for, investment purposes or for business purposes. So, you could go from a, apartment or a lot of our investors have single family rental properties, and and others might have, you know, a 30 unit or whatever it is. But, the the basic character of being held for business or investment purposes is the same regardless of the asset class.
Warren Thomas:So they can actually move from that residential rental into an office building, into a trailer park, into, any of these other asset classes. And and they can also move from owning that individual property to owning a piece of an entity that's called the DST, the Delaware Statutory Trust. So it's it's really provided, investors with a great amount of flexibility that they wouldn't have had years ago. And and the the DST was developed actually through a a a revenue ruling in 02/2004. So for the last twenty one years, it's been part of, the tax law history, and now it involves many billions of dollars a year of an investor's capital that are typically coming out of active management and and wanting to get into an institutional type asset class that might have might have more predictability, more stability than what they have been engaged in with their their personal rental properties.
Chris Picciurro:So and this is a really good point because we find a lot of we find a lot of people couple misconceptions on ten thirty one exchanges. We one of the oh, gosh. We might hit all three of the laws of teaching tax. So one of them is cash flow and tax flow are different. And what I mean by that is let's say you bought a single family home for $500,000 as a rental property.
Chris Picciurro:You've owned it for several years. It's now worth a million dollars, and you have a note on it of 200,000. And let's just say there's no closing cost, you sell that for the million, you pay your loan off for 200, you're left with 800,000 of cash at closing. Is it? To complete a full $10.31 exchange, you actually have to deploy a million dollars.
Chris Picciurro:Right? You can't just take the $800,000. And that's but what what what can happen is life can change. You know? Life can change where something called your bankability isn't what it was before.
Chris Picciurro:Interest rates are higher. I've run into a lot of situations where we have early retirees that have millions and millions of assets, but they struggle to get financing because they don't they're not don't have a lot of recurring income. And that's a really nice case for a Delaware statutory trust. So as you said about twenty one years ago, there was a revenue ruling that allowed and make sure I'm saying this right, a Delaware statutory trust or a DST to qualify as a ten thirty one exchange asset. Is that
Warren Thomas:Yes. Fair
Chris Picciurro:to say?
Warren Thomas:That's correct. And and there is a difference between a Delaware statutory trust, technically, and I know we don't wanna get too technical here, but it's a grantor trust similar to having your living trust. If you and your wife have a living trust and, you hold your assets in that title, IRS sees that as a, what we call, a disregarded entity. They don't count it as though it's a corporation or partnership, which may have restrictions on doing a ten thirty one exchange. So under the Delaware statutory trust, they see it as a just a pass through entity.
Warren Thomas:You can go from owning, a single ownership of a rental to going in and being you might be one of of 30 or one of a hundred owners of a very large diversified portfolio. And and to your point, you you mentioned about qualifying for loans. If you need a loan, these DSTs are often structured with loans so that you don't have to qualify. If you're no longer bankable for some reason, you can't get a loan in the future, and you need to place that $800, but you need $200 of loan, those are built into the DSTs. And you don't have to submit tax returns.
Warren Thomas:You don't have to submit the financial statements to qualify with the bank. They're kinda built into the process. So the DSTs can solve some practical issues that some folks have, on qualifying for for a ten thirty one exchange. So they're quite handy.
Chris Picciurro:Right. So we'll build on that. So let's so and it could be someone maybe they just don't want to have that debt on either, at least, you know, on their you know, as a traditional loan going through those traditional banking outlets. So talking through you know, let's talk through my example I just came up with. We have let's say we have a taxpayer.
Chris Picciurro:They sold that property. They have $800,000. First of all, if you're gonna do a $10.31 exchange, you can't let that $800,000 hit your bank account. You're gonna have to use something called a qualified intermediary. Or you know what?
Chris Picciurro:Remember remember those acronyms. So if you wanna seem cool at the baseball field, that's a QI. You you wanna get a QI involved. They're gonna hold that money for you until you could find what's called replacement property, and that's where the DST comes into play. So, Warren, can so in in that case, so we've got someone that's looking to place $800,000 for the cash, but ultimately, they're they're placing a million dollars so they get Right.
Chris Picciurro:Credited for a million dollars in that exchange and then they do they get allocated a certain amount of debt from the DST?
Warren Thomas:Yeah. Yeah. So, we like, in our case, we we build DSTs that have no debt and we build DSTs that have very modest amounts of debt. Now if you need a lot of debt, my company, I I build our programs for the retiree. So, there there'll be other programs that you know about and and you can introduce folks to that are that might be more aggressive than what we do.
Warren Thomas:But my average investor is about a 72 year old. They typically are a retiree that's made most of their money, through real estate. So for those that need debt, they'll come into a package that already has debt. And the the use of debt's quite interesting because we have investors that come to us that actually have no debt or they have very little debt, but they're looking for a program that has debt. Right?
Warren Thomas:And why do they look for that? Because that that debt if if they came in with 800 and they went into a program, that had 50% debt, they're now buying about a million 6 worth of property, not just the million they they started with. And so that extra $600 worth of property can be depreciated and can generate extra tax deductions that go on year after year after year. And because of the nature of that debt where they didn't have to qualify for themselves and it is what we call nonrecourse, it means they can't go back after your private assets in order to, you know, satisfy that debt. You basically have levels of protection, and you get that ongoing tax sheltering that can go on forever.
Warren Thomas:So, there's there's reasons to consider maybe using a a debt DST even though you might not have much debt or you might not have any debt. On the other hand, we've got investors that say, hey. Look at I bought this property thirty, forty years ago. I've paid it off. I'm I'm now at an age I just don't wanna go into anything with debt, and so they don't have to.
Warren Thomas:They've got we've got we've got debt free DSTs. You've got them on your shelf. You know? They're available. So either way, we can plan for the needs of the investor and for the risk profile of the investor.
Chris Picciurro:So you can go in like I say, yeah, you can go in debt or no debt. Yeah, rule of thumb, it sounds like that typically people going into the DST program is someone that is it, you know, let's say, in their retirement years. Rule of thumb, what's what's there's there's probably something about and and I'm sure, you know, there are a lot of, DSTs out there. Right? And what we're gonna talk about that in just a couple of minutes.
Chris Picciurro:But, what is typically the average amount of loan to value or or debt percentage so that's acceptable the most because you have to get over leveraged. Right?
Warren Thomas:Right. So it it depends on the asset class. So our specialty is net lease. So net lease is like triple net properties, double net properties. And then within that specialty, I will only buy those that are investment grade, meaning the corporation standing behind it, and that corporation has to be a high credit quality.
Warren Thomas:And so I've got over 1,300 properties in all of the DSTs we've done, and we've never had a missed rent payment. That's a that's pretty incredible, but it's reflective of the type of asset that I buy. So you're gonna find other DSTs that are that may be buying other assets that have different characteristics of growth or what have you. So, in in our programs, when you look at debt, how much debt is appropriate? Well, just as I'm buying assets that tend to be more conservative by nature, I'm also going to limit the amount of debt I use because I know my, my typical investor is going to be a retiree or pre retiree.
Warren Thomas:So I just wanna be mitigating risk. But directly answering your question, I will typically be at a 41 to 46%, debt load on my debt programs, and I'll and then I'll have those that have no debt. If this were three, four years ago when the cost of debt was really cheap, I mean, I was getting loans at 3.3 percent for ten years. Right? Sometimes it would be 3.6, three point eight.
Warren Thomas:Well, now Right. Debt cost you $6.06 and a quarter. I don't want higher debt. I wanna moderate my debt, and I want a lot of cash flow available every month to not just cover the debt, but to far exceed the debt. And that's it's called a debt coverage ratio, and I wanna be really healthy on that.
Warren Thomas:So that's the way I use debt. Other sponsors, other companies will use it in different ways.
Chris Picciurro:When I know so and that's something to consider. If you're thinking about the $10.31 exchange, Let's remember that you're, you know, good I'm gonna hearken back to those prior episodes and some of our content, but you've gotta identify property, replacement property, and there are some strict strict timelines Right. To to close on that replacement property and that's why putting it, you know, like the DST as a replacement property option when you might have to pick up debt or even if you don't have to pick up debt is a very viable option because there are many risks that you're not dealing with such as not closing. I had a I in our private CPA price, I real story. We had a client from California, sold a very highly appreciated asset, was purchasing eight properties for that asset.
Chris Picciurro:So remember, if you're doing a 10:31 exchange exchange, it's not one for one, but was purchasing eight properties and, identified, I think, 10 properties. And what happened was is the prop the the they weren't the higher, value properties, we'll say, but the, the lender pulled out because because the the the inspections were so bad, and it blew this whole deal up. And had that had that person identified a DST as an option as a replacement property, they could have backfilled some, some of the, replacement property, if that makes sense. So Yeah. Yeah.
Chris Picciurro:That would be a lot of flexibility.
Warren Thomas:That's a real risk. You only have forty five days to identify what you're going to buy. And if for some reason that property fell out, like in your case, that lender, but if you go to a DST, it's like I don't bring a DST out until the day that I purchased the number of properties that are in that DST, so they're not at risk of not closing. You know exactly what you're getting. You know the lease links.
Warren Thomas:You know who the tenant is. You know the cash flow. You know the debt, terms. All of that's already pre predone by the time it comes out as a DST. So it takes a lot of that risk off the table for the investor that, is is trying to work with that forty five day ID requirement or the hundred and eighty day closing requirement, which we didn't really talk about that.
Warren Thomas:So I'm assuming the listeners already know about that, but there's some rules you have to be really careful of. And then you also have to be careful of ID ing because there's three different rules on ID ing, and we don't need to get into that on this podcast. But, you can utilize a DST as a safety valve.
Chris Picciurro:Exactly. Bottom line is you can't go into Zillow in its ID a million properties just because you you when you start, you there's you've gotta you've gotta close on a certain percentage of either the property's ID ed or property values, and and that's where a qualified intermediary plays a huge role. And, now I know you can only speak for exchange, Roy. What are in general, what are some of the minimum amounts for, to enter into a DST? Because especially if you're using you know, let's say you're using multiple properties as replacement property.
Warren Thomas:Yeah. Yeah. So on the the minimums, most of the DST programs are going to have a stated minimum of a hundred thousand, and I'll just use ours as example. We've had 9,000 investors come in into our programs. I didn't mention it at the beginning, but I founded a company called Exchange Right, which is reflected by the banner behind me, the colors.
Warren Thomas:And, I founded that in 2012 with two partners, and we grew by 40% per year for the next ten years and became the third largest DST sponsor in the country. And and with that, we have programs that have assets in 47 states and their net lease assets and all that we've already talked about. But, when you when you get engaged with a sponsor, you wanna make sure that they've got the the program available to you and that they know what they're doing because the risk is really it is with the sponsor. I'm probably not answering your question directly, but that's a little bit about the DST industry, has a number of sponsors in it, all sorts of different asset classes, and all of them are trying to solve the common investor requirements.
Chris Picciurro:Well, no. This is so I think we've covered if you if you if you're in a situation where the you know, you're looking for a replacement property, This is I I should I know this. I've been doing this for over twenty years. Can you invest in a DST outside of a $10.31 exchange transaction, or is it specific?
Warren Thomas:You can. And, that goes goes back to your question was actually on minimums. And I and I didn't answer that question, but stated minimums are usually about a hundred thousand dollars. But when I get a $5,000,000 investor, you know, if you came to me and said, hey. I've got somebody who got 47,000 and they've got they need the ID and they need to buy, I don't really care.
Warren Thomas:Because at the end of the day for us as a sponsor, it's just spreadsheet work. You know? And the $5,000,000 versus the 47, yeah, it doesn't really matter. But most sponsors will limit it to a hundred thousand, minimum investment size.
Chris Picciurro:Mhmm. Mhmm. No. That makes sense. So we talked about kinda getting into this, and we're gonna wrap this up because I wanna I want people to think a lot of times with tax planning and strategy and investments, you think about, man, this is a really great transaction.
Chris Picciurro:I'm good. Take a breath. It takes a lot of stress off. But there are some other benefits on the you know, what happens five years down the road, six years down the road, seven years down the road? You mentioned, obviously, there's some time you know, a lot of times are actually tax advantages using that leverage where you can you can't depreciate tax deferred money, but but if you do take debt on, you could see some depreciation deduction.
Chris Picciurro:So the income could be tax favored. But down the road, let's say you do invest in a in in a DST and that that they own a property that doubles in value and sells. Is someone gonna get stuck with, with that tax bill, or do they have options?
Warren Thomas:They have options. So, you know, you they come into the DST because they they may be going from where they were actively managing. It might be because of age. It might be because they wanna have retirement days and vacations and things that they can't get while they're doing all that maintenance. It might be because the cash flow is better in a DST than it might be owning your rental property and it might be they're trying to create new tax deductions, but they wanna hang on to the property.
Warren Thomas:They wanna hang on to rentals because they get a step up in tax basis at death and they can pass that then to their heirs without having a taxation on it. So that's the motivation for the 10/31. So now they're in a DST, and the DST has a full cycle event coming eventually. Right? So some DSTs like, we have a whole series of DSTs where the full cycle event occurs before year five.
Warren Thomas:K? So, some other companies are gonna go year 70, year 10 as you mentioned. But at that full cycle event, what are their options? So in our programs, we introduce to the industry the concept of multiple exit options from the DST. So our DSTs, depending on whether it's an all cash DST or a levered DST, the common three exit options are, one, cashing out.
Warren Thomas:An investor, we believe, should always be able to just cash out. The reason that's important is because the the retiree, the pre retiree that's coming into the DST, they're gonna be in that DST if if they needed to cash out. Whether that need is because they had a death and they get the step up and they really don't need to do exchanges any longer, we wanna give them that option. So that's option one. We only get about 10 or 11% of our capital that wants to exit when the DST goes full cycle.
Warren Thomas:Option number two is doing what we call a seven twenty one exchange. I know that's something you wanted to talk about today, but a seven twenty one exchange allows them to take their DST interest, roll it into a much more diversified program, which is a REIT program or an operating partnership of a REIT. And for those that have never heard of a REIT, it's a a real estate investment trust. And seven twenty one exchanges take the property of the DST, you have the option. Do you wanna roll it to the REIT?
Warren Thomas:And if our DST had eight to 20 properties in one DST, the REIT currently, we've got 362 properties. So do you want more diversification? Well, maybe so. And why would you want it? Well, theoretical risk mitigation.
Warren Thomas:The more diverse, the more theoretically risk mitigated it is. But second, that d the, the DST, which is generally an illiquid investment, you move it over to the seven twenty one, and the seven twenty one hours, they'll have quarterly liquidity. So if an investor that's done a ten thirty one, he's rolled to the seven twenty one when that was available, he's getting paid cash flow every month, might even be more cash flow than they were getting in the DST or more cash flow than they're getting in their old rental. But now they have opportunity for liquidity. So let's say the kitchen needs to be remodeled.
Warren Thomas:So you're you guys are married. You know, your wives say it's time to spend that $40. Well, instead of having to cash in that whole DST and pay tax on it, you can be in that $7.21 and say, okay. This quarter, we're gonna cash in, you know, $20 to get it started, and next quarter, maybe it's another 20 or you decide to cash in all 40. Or a death occurs while you're owning that seven twenty one, and you're gonna get a step up in tax basis in the 07/21.
Warren Thomas:And you can now say, hey. Cash in the whole thing, and there's no taxation to pay. So now you can get off of that train. So that that cashing out of the DST is one option. The rolling to a seven twenty one is the second option.
Warren Thomas:Or for some investors, they wanna continue to do ten thirty ones. So we get about 30% that wanna do another ten thirty one. We get about 60 something percent that wanna do seven twenty one, and we get 10 or 11% that cash in from the DST. So that's kind of a a quick overview of it, but, we can dive in further to any of any of those angles.
Chris Picciurro:Right. I think we might have to have another podcast just on that, the 07/21. And I think that, you know so here's the thing, guys. If you're thinking about this now I'm gonna date myself a little bit. Back in the day when you went to a hotel, you well, even before credit cards, you know, my parents would break out those traveler's checks, but you ultimately maybe would arrive.
Chris Picciurro:You'd you'd put a credit card on file, and then you would pay, for your room and for all of your, you know, goodies that you got, throughout the your stay when you check out. Right? Well, guess what? If you never check out of the room, just you could live there forever and never pay. So think about that with your real estate.
Chris Picciurro:Think about those options you have as, hey. I'm in this property. I can 10:31 and and get a DST. I can move over to a REIT. As long as you're using the right people, that's why I thank you for to Warren and his amazing team at Exchange.
Chris Picciurro:Right? We talk about implementation partners and and people, you know, we talk about all the time. Ideas are cheap. You can find them on TikTok, Instagram. Implementation's important.
Chris Picciurro:So thank you for coming on the show. You are one of our valuable implementation partners. I learned a lot, and and I think we've got some ideas for more topics, John. What do you think?
John Tripolsky:Yeah. Absolutely. It's it's funny if anybody who's watching this has probably seen me, you know, kinda doing one of these. I got I got my trusty little pen out here burning holes in my notepad. Yeah.
Chris Picciurro:I wrote some stuff down too.
John Tripolsky:And and, honestly, Warren, it's you know, coming into this, I didn't know a whole lot about DSTs. I knew you know enough to be dangerous, which is why I keep Chris in my life for twenty plus years. That way I can get dangerous, and you can save me from it. But it it it was really interesting to me, and you did a fantastic job about explaining it. Right?
John Tripolsky:Like, there's different outs, if you will. There's different options. It's not just, you know, you get in, you lock it, and you're stuck there regardless. I mean, sure, there's time commitments regardless, but you thank you so much for diving into diving into that detail. I think it'll surprise a lot of people.
Warren Thomas:Very good. Very good. Lots of estate tax advantages we could cover on another podcast, to both the DST and the 07/21 exit. So, happy to go over that in the future, but, it's been a privilege and just pleasure to be able
John Tripolsky:to be on here with you today. Absolutely. Well, thanks for joining us. And, yeah, now that you said it, and everybody heard it, we're putting the hook in. Yes.
John Tripolsky:So now you have to come back and join us. We'll just let you know when we're gonna do it. So Okay. We appreciate it. Chris, thank you as always for coming on your own show.
John Tripolsky:Obviously, it's kind of a requirement, if you will. You know, AI is pretty in pretty intense, but it it is very hard to duplicate your voice and your glowing personality, sir. So we have to have you keep coming back here. We can't
Chris Picciurro:wait a while. Yeah. Exactly.
John Tripolsky:Although we can edit out, you know, when you say pickleball.
Chris Picciurro:You know? One one That's all you're good at seeing my glowing head. I thought the ball joke was coming, but that's alright?
John Tripolsky:No. No. I cut those off at about episode 100, so I've given you a little break. But, yes, everybody who's listening or watching this, definitely subscribe to the channel here on YouTube as well as if you're not familiar with it, we are on Spotify, Apple, iTunes, pretty much anywhere that you can possibly find a podcast. This one is streaming on.
John Tripolsky:So be sure to check it out. Go back. We'll drop some of them that we referenced during this specific episode of previous ones. I know we talked about the 10/31. We'll drop that one in here.
John Tripolsky:A little quick link for you to go and find that. And as always, we'll see you back here next week. Roughly same time, different date, and completely different topic here on the Teaching Tax Flow podcast.
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