Could Buying a Rental Home Really Help Pay for College?
It’s back to school and for many that means school supplies and new clothes, but what about kids who are heading off to college? Their expenses are much greater than a few new outfits, pencils, paper and glue sticks. Besides the cost of tuition, most college students have to deal with the added expenses of room and board. Add it all up and college is definitely expensive. But what if there were a way to make your room and board expenses work for you, in the form of a nice tax break?
It is possible and it could actually be a great way to save. Here’s how it works. You buy a rental property for your own child to live in and have him/her find a few roommates. There are several advantages to this arrangement if you do it right. First, you get to keep the normal tax deductions that you would from owning a rental property. You can also hire your child to be the property manager and then use the net income you pay your child towards his/her tuition, with either very little, or no tax at all. Meanwhile, the monthly rent payments from the roommates can go towards the mortgage payment.
After graduation, you have two options. You can hold onto the property and continue renting it until it’s paid off and then use it as a retirement property. You could also use it for a 1031 exchange, which would allow you to defer the tax on your capital gain if you buy another “like-kind” property. So, if you have the ability to invest in a rental property you could save yourself thousands in college expenses and taxes.
Looking for a Hotel Outside the Box?
If you’re a regular traveler, then chances are you’ve already been to numerous incredible places. But that doesn’t mean you’ve seen everything there is to see and stayed everywhere there is to stay. In fact, if your travel season is about to get underway then you’re probably looking for some great new places to stay. If you’re tired of all the run-of-the-mill hotels, or maybe you’re just looking for something truly unique, then check out these one-of-a-kind options.Attrap’Reves, Allauch, France
Financing A More Exclusive Lifestyle
It’s surprising that the emerging market is now the biggest consumer of luxury goods, as reported by Deloitte, where a more mature audience once held the title. This will require luxury brands to reinvent their marketing approach in order to accommodate their new clientele. With an increase in income and more access to loan products, the new luxury consumer is fully equipped to have all they desire. But what is it that this elite group of consumers really want?Fast Cars Are No Longer EnoughWhile
How Do Biotech and Pharma Companies Feel About New Tax Law?
How Do Biotech and Pharma Companies Feel About New Tax Law? The back and forth regarding the new tax reform bill has been endless since even before it became law. Obviously, there are pros and cons and both sides hold tight to their arguments. Additionally, some taxpayers and industries oppose the reform, while others are…
Five Easy Steps To Help You Retire Wealthy
What hard-working individual doesn’t dream about retiring rich and living the good life throughout his or her golden years? After all, what’s the point of working your life away if you never get to enjoy the fruits of all your labors? The problem is, for many, retiring wealthy and living the good life is just that: a dream. In fact, for many, retirement is a daily battle just to have enough to get by after paying for all their necessary food and medical care. That’s not how retirement should be,