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Updated over 9 years ago,
Tax advices
Hey guys, good evening
I finished made now an appointment with a tax and fiscal specialist to help me clear up if I should start buying in individual name or form a company to own the properties, also with the legal details to form a company, what type and so on.
Now because I don't want to just ear what she has to tell me, it would be great to make some clever questions, to have clever answers :D
My basic thought is the following:
150.000 € in 25 years costs about 800€ per month ( that's something that me and my wife believe we can afford since we pay now house rent 620€ )
The idea is to buy a house that I can live but I can also rent other house in the same "complex", ( I thought about a farm were you normally have 2 or 3 separate buildings in the same property; one to rent, other to live, and I can even rent the land for agricultural purposes. )
With the money from the rent we can build up a money mass that allows us to repeat, buy a second property multi-familiar again maybe, and so on until i'm financial free and be able to live from the rents, stopping working on my day job and focusing on the properties management.
Now there are two hypothesis to own the properties, individual name or one or more companies to own them. I don't really have idea about what is the most tax effective way, but the ideia is to deduct expenses that in an individual person can't, and after that pay the taxes. I really don't know the best way, since I don't have the financial knowledge to plan both scenarios and compare.
Are you guys willing me to help to form a list of questions that should the answered?
thank you in advance
Nuno