deduction and paying taxes

[Robert Fornwalt]

just did my 2018 taxes and I have to pay uncle sam this year about $3300. when I ask if I should buy rental properties I was told because my wife and I make to much that most of the rental income would be a wash.

so let's say I buy a sfh at 100k

rent it for $1000/month

clear $200/month $2400/year

just using the example my CPA used. not real numbers

if I don't have at least $2400 in deductions that $2400 net income would just be taxed away in my w2 income?

does this seem right?

[Sylvia B.]

Originally posted by @Robert Fornwalt:

just did my 2018 taxes and I have to pay uncle sam this year about $3300. when I ask if I should buy rental properties I was told because my wife and I make to much that most of the rental income would be a wash.

so let's say I buy a sfh at 100k

rent it for $1000/month

clear $200/month $2400/year

just using the example my CPA used. not real numbers

if I don't have at least $2400 in deductions that $2400 net income would just be taxed away in my w2 income?

does this seem right?

If your boss offered you a raise of $2400 would you say, "No thanks, it would just be taxed away."? No one is in a 100% tax bracket. It sounds like you need a new tax advisor.