Author Topic: tax advantaged accounts/passive income  (Read 755 times)

Pookie

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tax advantaged accounts/passive income
« on: July 06, 2022, 03:40:07 PM »
Is there ANYWHERE I can invest in a tax advantaged account if my only income is passive through real estate? I don't receive a "paycheck" so my understanding is that I can't put money into an IRA, SEP-IRA, anything.....I can only invest in taxable accounts.
Trying to figure out a way to lower my taxes and invest outside of real estate.
Thx!

Morning Glory

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Re: tax advantaged accounts/passive income
« Reply #1 on: July 06, 2022, 03:44:40 PM »
You could set up a corporation that owns your properties,  then have it pay you a salary to manage them. This can also shield you from liabilities. I don't know the details, but there are people on here who have done it.

bacchi

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Re: tax advantaged accounts/passive income
« Reply #2 on: July 06, 2022, 04:01:56 PM »
An HSA doesn't require earned income.


nalor511

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Re: tax advantaged accounts/passive income
« Reply #3 on: July 06, 2022, 11:04:34 PM »
An HSA doesn't require earned income.

This is what I do (HSA)

nalor511

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Re: tax advantaged accounts/passive income
« Reply #4 on: July 06, 2022, 11:05:22 PM »
You could set up a corporation that owns your properties,  then have it pay you a salary to manage them. This can also shield you from liabilities. I don't know the details, but there are people on here who have done it.

Then you owe payroll tax, FICA, medicare, abs other related items

EvenSteven

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Re: tax advantaged accounts/passive income
« Reply #5 on: July 07, 2022, 06:00:28 AM »
A few more accounts/funds with tax advantages don't require earned income:

529 accounts
series EE and series I bonds
municipal bonds