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re: How can I reduce my taxable income?
Posted on 4/16/12 at 2:46 pm to kfizzle85
Posted on 4/16/12 at 2:46 pm to kfizzle85
The guy that handles out retirement bought a building in his personal name and he rents it out to his business. He charges himself $5,000/month, and he pays 20% (I think) tax on that $60K instead of his regular tax rate since it's 'rental income'. I aspire to be able to do something like this one day.
1
Posted on 4/16/12 at 2:47 pm to LSUGUMBO
Rental income is income - it doesn't not have any special rates.
ETA: And how big is the building? He needs to be paying himself a legitimate comparable amount per square foot (as compared to office space around the area).
ETA: And how big is the building? He needs to be paying himself a legitimate comparable amount per square foot (as compared to office space around the area).
This post was edited on 4/16/12 at 2:54 pm
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