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Reply to "How to Kushner my taxes?"
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[quote=Anonymous][quote=Anonymous]Op, but a multifamily house. Rent out a portion and take depreciation on that portion. Any repairs done.to the house or maintenance that effects that portion can be written off your taxes (depending on what it is). Heating oil or gas, electricity if shared, a portion written off. The rent is treated differently than W-2 income taxwise. Fund your pretax retirement accounts and HSA to lower your taxes. Also, fund a Roth IRA. You pay taxes now but won't later when you withdraw the gains. Set up.a.529 for your kid for the state tax break. If your kid is 13 or under and needs childcare or camp, fund a dependent care flex spending account. Lots of little ways to cut down on your taxes. Not Kushner level but normal MC or UMC level.[/quote] This is helpful, thanks. I cannot do the multifamily house bit, but I can rethink all the other parts and make sure I'm maximizing them. [/quote]
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