You can pay your kids to do work on your properties and put the money
in IRA accounts for them.
This is especially a good idea if you’ve already maxed out on your and
your spouse’s IRA contribution for the year.
So if you’re at a high tax bracket the end of the year, hire your kids
to landscape your rentals. You’re better off avoiding the taxes on
your extra income, and the money will be safe in a tax free shelter.
It’s a good way to help your kid prepare for their first property
Check out Real Tax Tips at TReXGlobal.com to learn more about saving
time and money on properties and taxes.
Be sure to try Simplify'em, the FREE Property Management Software from
Community Relations TReXGlobal.com
Simple FREE to se Web Tools for Real Estate Investors
- posted 11 years ago