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Updated almost 11 years ago,
Rental Income Tax - avoid?
Hey all. I searched for an answer here but haven't found it. If I missed it, please let me know.
I'm in the planning stages. What I would like to do is get a multi-family property and collect rent (gasp!)
But when the profits from the rent, i'd like to put them in a high interest savings account(1%) completely separate from my accounts. When the account is large enough, use it to purchase another property. So basically I don't want to take an income from the investment. Is there a way to avoid paying an income tax on the money since i plan to reinvest it 100%?
I understand that an LLC is just a passthrough. Is there a way to do this with an LLC? Or another corp? I do plan to talk to a paid CPA, but I just want to do some more research first.
Thanks in advance