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Updated almost 6 years ago,

User Stats

66
Posts
4
Votes
Joe Szymczyk
  • va beach, va
4
Votes |
66
Posts

TAX Time...Deductions needed to get income down

Joe Szymczyk
  • va beach, va
Posted

Hello real estate people

I have a situation where this year i have to pay to the IRS on taxes..

Situation

my AGI income is 160k....work In IT for a big corporation

i have 9 houses, i maxed out the deductions...repairs, supplys, new refrigerators....etc.......i have stopped adding deductions for the realestate as they are not dropping my money due to the IRS..on Tax software...(using HR Block software)

I now owe 8K....software shows i must pay..

Can anyone recommend what else i can use to get more deductions?  i exausted church donations, charity donations/...

my 401k is maxed, to reduce taxes....

i have brokrage mutual funds but all those gains are taxed....10 k in gains...adding to my pain....

What else can i use for deductions for this year, before i submit my taxes to IRS?..

What can i do this year to fix this situation ....so i am in a bettter position for next year....so i can reduce how much i pay?

I think real estate cannot help me any more to lower taxes...as my deductablitliy is maxed.......so i am looking at other avenues.....any ideas??

.need ideas where to look or what blogs to go to also....to help with this issue??   last year doesnt seem like i was in this position....so this year is a shocker....

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