Actually thank your congressmen. They are the ones who make all the wonderful tax laws. The IRS is just collecting the tax.
As for tax write-offs, everything legitimate can get written off. Home office in many instances, computers, fax machines, phone lines, newspaper subscriptions, internet services, mileage on your car, etc. Be aggressive in your deductions.
Also, don’t knock the “landlording thing.” It often gets a bad rap and I think that is mainly because landlords don’t know how to manage their properties properly. I have taken many classes on property management and subscribe to Mr. Landlord’s monthly newsletter. Great tools. If it wasn’t for our rental income that shows up during the first week of every month in our mailbox, my wife might still be working a JOB.
…if it weren’t for them, I’d be rich.
Having just paid more than I wanted to in taxes to be given to others, I wondered if someone might comment whether or not RE can be used to lower income taxes without doing the “landlord thing”?
Grateful for any input from the order assembled…
Thanks.
Go over to legalwiz.com and get a free e-mail subscription to Mr.Bronchick’s newsletter. It always has neat tax tips. Also head over to the IRS site and order some of their free pubs to give you tax reduction ideas. Nolo Press also has a great selection of books. Their site is www.nolo.com.