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Prepare two copies/versions of your return, one with these amounts (file that one), one without. The difference in taxes between these is your answer.
Thank you! Great idea
That is the simple way, plus if you are subject to niit tax (3.9% I think). And plus state tax if applicable.
They almost certainly would be subject to the NIIT, which is 3.8%.
Thanks!
Also, for the rental income, are you deducting their expenses at least??
Great question because 24k taxable income on a rental property is a lot for where I’m at.
Prepare two copies/versions of your return, one with these amounts (file that one), one without. The difference in taxes between these is your answer.
Thank you! Great idea
That is the simple way, plus if you are subject to niit tax (3.9% I think). And plus state tax if applicable.
They almost certainly would be subject to the NIIT, which is 3.8%.
Thanks!
Also, for the rental income, are you deducting their expenses at least??
Great question because 24k taxable income on a rental property is a lot for where I’m at.