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Updated 7 months ago, 05/15/2024
After tax return question
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?