Posted by Brent_IL on March 26, 2002 at 01:37:51:
Your employment and your employer are unrelated to your RE investments.
Increase the number of dependants on your W-4 to reflect the amount of taxes that the write-off will save you. It won’t make the IRS happy, but if you match the numbers so that you don’t owe them money you’ll be O.K. (Not a legal opinion; services of a competent professional should be sought).
Need research or book suggestions… - Posted by Aaron330i
Posted by Aaron330i on March 21, 2002 at 10:25:07:
I’ve been reading and reading and reading and researching endlessly on this site and others, but there are a few tax questions that I have been unable to determine answers to.
The main one is:
Can startup expenses fo REI be deducted from the earned income from my employer. If so, how much. (IRS pub / ref number would be nice, too)
Is there any other way to shelter earned income with real or phantom losses in Real Estate?
My head is turning to mush reading IRS pubs to no avail.
I am making an appt. with a CPA who specializes in RE.