Posted by Ed Copp (OH) on May 30, 2000 at 17:57:55:
Alan,
It is impossible to answer your question, and that is probably why you did not get a response before.
We do not know what your other tax obligations are. What tax bracket are you in? Are you employed elswhere? Do you have witholdings or not? Do you have a wife? Does she work, or not? Are you rich or poor or somewhere in the middle? Do you plan to buy a house to rent out? An apartment building? A commercial building? A parking lot?
You see Alan we do not know anything about you or your needs, so it is impassible to give you an answer. Give us a little more detail and I am sure someone will help you out…ED
I posted a question on 5-27-00 about taxes. Can someone please answer my question about how much income tax I should set aside each month from the money I make from renting? I am a beginner and I have not bought my first house yet, but I would like to know this so that I can calculate this information into Carlton Sheets cash flow analysis before I take the plunge and buy a home. I want to make sure I will have a positive cash flow.
P.S. This site is wonderful. I only started looking into REI about 10 days ago and this site has already helped me since the three days ago that I discovered it.