Pay Children, Open IRA for Kids | Landlord Tax Deductions, Rental Property Management Tax Tips
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 purchase.
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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