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Updated about 5 years ago,

User Stats

54
Posts
31
Votes
Robert Fornwalt
  • New Boston, MI
31
Votes |
54
Posts

deduction and paying taxes

Robert Fornwalt
  • New Boston, MI
Posted

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?

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