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Buy vacation/investment property. Form LLC, assign one of you as owner. You can buy a heavy vehicle and do a section 179 deduction where you can save big on accelerated depreciation. You can write-off travel expenses to/from your investment once a quarter, and any operating losses (if you don’t rent it like a mule) as a deduction. And as a business owner you can also write off your home office, so the portion of your primary residence that contains the office is a business expense and a write-off. Bunch of other things like this you can take advantage of as a W-2
Other than 401k and other standard stuff I haven’t found a secret. I did put some gains into a qualified opportunity fund which does give some tax break, not sure how that will play out. I was hoping to be retired before that tax had to be paid but that’s not going to happen. I’m invested in several private real estate funds. They don’t generate taxable income so no tax. I haven’t been in long enough to see an exit event which is where the return should come.
You need to find some tax losses. Real estate investing can be a good vehicle to offset taxable income. It’s possible to generate taxable losses and still be cash flow positive.
Wait for DOGE to hit the IRS so that enforcement weakens and…. 🤷♂️
We are in a similar situation and feel fortunate to be in that situation.
Another option we discussed is me starting my own business (maybe not now but in a few years once I get some more vesting). As a long term strategy. We are in our early 40s.
Your W2 income is there to subsidize those earning their income through capital appreciation. So just suck it up and do your bit for the ‘job creators’.
In the same frustrating situation and not a lot can be done-- but here's a couple we have found, none terribly innovative, but together worth the effort:
- Max out 529s - lowers your W-2 slightly, but more importantly is removed from your estate so you can transfer up to $500k at full funding (NY) to each kid outside the estate
- Max out 401ks
- Make donations in appreciated securities, not cash
- Max employee benefits like FSA, dependent care account etc - if you're going to spend it anyway can shield several $ks from tax
Fortunate yes. Just wanted to make sure there wasn’t something obvious I was missing.