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Updated about 5 years ago,
deduction and paying taxes
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?