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Updated 7 months ago, 05/15/2024

User Stats

19
Posts
2
Votes
Marek J.
  • Chicago, IL
2
Votes |
19
Posts

After tax return question

Marek J.
  • Chicago, IL
Posted

High w2 earner and was wondering what would be savings i make on tax regarding rental income after all tax write off?

for example I’d need to make 18 at work to equal 9k rental income.

So I calculated that with real estate I’m saving 35% fed 7.75% IL tax 7.25 Social security tax and 0.9% niit tax.

50.6% savings ? So 

I have to make 50.6% more at work to equal what I’d keep with real estate. Just checking my math.

This is obviously after all expense , depreciation, cost set, property tax write offs, 20% etc.


my question is are my assumptions correct? 

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