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Updated over 2 years ago,
Tax Code 179 help understanding
Hi BP Community,
I am a little hazy on tax code section 179.
I am a reasonably high income earner (W2) and gaining momentum in the RE investing world. I am looking into getting my RE license and opening up a management company (mainly to manage my own properties)
my fiancé is shifting out of her day job as a nurse and potentially acting as our management companies CEO for lack of better terms.
If she drove a vehicle that weights the required 6000 lbs, and her “job” is managing investments, how will that impact my W2 taxes?
My goal between deductions, taxes, improvements etc is to wipe out my 60-70k in taxes I usually pay, and achieve the illusive goal of not paying any taxes. Is that even possible for a W2 in my higher (relative) income range?