Comments on: reducing our tax liability - protecting that money and retire?

By: Wayne Z

Wayne Z — Wed, 29 Oct 2008 04:09:54 +0000

Short of taking a huge paycut or giving all of your money to charity, there is nothing that you can do.

While most rental real estate creates a tax loss for the owners, your income is too high to take that loss. Some people would suggest starting a business but, according to the IRS, you must have a profit motive. You can not start a business just to lose money and take write-offs.

You could look at the bright side. Having to pay a lot of taxes because your income is high is not a terrible problem to have.

By: SDD

SDD — Sun, 26 Oct 2008 02:37:23 +0000

Believe it or not, you should mortgage your home as much as possible and use the money for a tax-deferred investment. A Roth IRA would be my first choice, but you’re not eligible. I would look at an insurance policy (prefer Northwestern Mutual, but there are others). Your home will continue to appreciate at the same rate whether you have a mortgage or not and you can use the cash from the mortgage to pay the premiums. At least talk to one of the NWML agents about this strategy. Then make your own assessment. [I am not associated with Northwestern in any way].

By: Doctor J

Doctor J — Fri, 24 Oct 2008 03:07:48 +0000

You can’t. According to the Democrats you are RICH and NOT paying your FAIR share.

Just live below your means and save 20% of your income. You will have a happy and wealthy retirement.

By: cancun1313

cancun1313 — Tue, 21 Oct 2008 04:28:57 +0000

Look into purchasing investment real estate. Perhaps a small apt. complex, or two. Maybe 12 to 15 units per complex. Good write off and great income later.

By: Daniel E

Daniel E — Sat, 18 Oct 2008 16:35:32 +0000

Put your money in a Swiss Bank Account. If anybody asks.. You went to Las Vegas and lost it.