All Topics / General Property / A question of tax?

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  • Profile photo of KellyvilleKellyville
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    @kellyville
    Join Date: 2003
    Post Count: 3
    October 28, 2003 - 11:04 am

    We have read Steve’s book (0-130 properties)from cover to cover and have a couple of questions we would like to understand.

    We want to look at purchasing some positive cashflow properties, question:
    If I am the primary earner, anything I earn over $60K I will pay 47% tax on.
    What options do I have tax wise? Can my wife (who currently has no job) declare this new income as hers thus paying less tax?

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    October 28, 2003 - 1:32 pm

    Kellyville, if you talk to your accountant re structuring, you could probably do something like set up a trust to buy the properties, and have the income directed to your wife as a beneficiary.

    Cheers
    Mel

    Profile photo of KellyvilleKellyville
    Member
    @kellyville
    Join Date: 2003
    Post Count: 3
    October 29, 2003 - 6:17 am

    Thank you for your reply – the secret is to get a good accountant to learn the do’s and don’ts before buying our first investment.

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    October 30, 2003 - 6:35 am

    Absolutely. Or to start, you could read Trust Magic by Dale Gatherum-Goss, or some of the N.E. Renton books on Family Trusts, Wills & Estate Planning etc. etc.

    Or you could go to see Dale Gatherum-Goss. His website has been posted a few times – I think it’s http://www.gatherumgoss.com

    Cheers
    Mel

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