Updated over 8 years ago on .
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Land Acquisition and Taxes
About a year ago I listened to a BP podcast where someone talked about Wheelwright's book, Tax Fee Wealth. I'm sure most of you are familiar with this book. Basically what he says is that the US tax code favors business owners and real estate owners. The podcast in which this was mentioned talked about using their LLC to write off vacations and other stuff. Basically they could justify the vacations for the IRS because they could say they were going to "look" at properties.
I'm not in a place nor want to buy rental property, but am thinking about buying land, primarily for tax deduction purposes.
I want to buy a piece of land. Cheap. 10k or less. With property taxes as cheap as possible. Then create an LLC or S Corp as a "Land Acquisition company".
I am buying this land basically as a way to reduce my taxes because then I would be able to write off stuff that I normally wouldn't be able to write off.
Thoughts? Please ask questions if I did not articulate myself well enough.