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Updated almost 6 years ago,
TAX Time...Deductions needed to get income down
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....