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re: How can I reduce my taxable income?
Posted on 4/16/12 at 2:47 pm to LSUGUMBO
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
2
Posted on 4/16/12 at 3:02 pm to krehn11
he is talking about paying income tax on the rental income vs income tax plus self-employment tax.
Posted on 4/16/12 at 10:54 pm to krehn11
It's a pretty large building and it's brand spanking new. Just built in the last 2 years or so with lots of bells and whistles. I could see how he could justify his rent- I don't think he's bending the rules.
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