Pay your Kids, Open IRA

Discussion in 'US Taxes' started by Tax Tip, Sep 25, 2008.

  1. Tax Tip

    Tax Tip Guest

    You can 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.

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    Tax Tip, Sep 25, 2008
    #1
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