Going to Salt Lake City tomorrow for the weekend. I have several investment properties out there and I’ve convinced some of my friends to buy there too. So we’re going to hang out and make it a good tax-deductible trip! Ever since I read Robert Kiyosaki’s Rich Dad series of books, I’ve been dreaming of taking legitimate business deductions and trips.
I have several real estate, oil and a VOIP business going on in addition to my regular job, so I have quite a few business and investment related deductions that were not open to me a few years ago as a regular employee.
As a real estate investor, you also get to depreciate your houses to a cap of $25,000 against your regular W-2 income. If you invest in oil, there is no cap. If you invest $50,000 on december 31st in an oil well, you can write off 80-90% of it against your income in that year itself. Its a great legitimate tax shelter!
I love passive investments!