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re: How can I reduce my taxable income?

Posted on 4/16/12 at 12:47 pm to LSU0358
Posted by ColdDuck
BR via da Parish
Member since Sep 2006
2781 posts
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Posted on 4/16/12 at 12:47 pm to LSU0358
quote:
Buying a space could knock down the taxable income. If possible, with more space than you need and rent out the rest.

Well that is a thought! I may have to look into this.
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Posted by kfizzle85
Member since Dec 2005
22022 posts
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Posted on 4/16/12 at 2:15 pm to ColdDuck
rent = expense, buy = deprecation. Don't think you can go buy a building and reduce your taxable income to 0.
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