No CPA has a good answer for my situation. How can I reduce my income tax with real estate investment?
I am in a situation that traditional tax benefit of real estate investment is not applicable.
My wife and I want to buy a primary residence and rental properties within next 3 months and hoping to make this investment beneficial for my tax return as well. I have an earned income job which is at 33% tax bracket when married filing jointly and my wife cannot be a real estate investor since she is on H4 Visa status which dose not allow any income generating activity.
I have a strong passion in real estate. Gas and oil or agricultural investment might give me tax benefit but it looks risky. After speaking to CPAs who are very knowledgeable in real estate investment, only answer I now have is to maximize my 401K.