Taxes on Paid Off Rental Property
Hi Guys,
I have one more payment in December of this year and one of my rental properties will be paid off.
What things do I need to plan on in the future now that the property is paid off?
How will this affect my taxes? I believe passive income will be treated as ordinary income. I currently have a regular 9-5 job and in 25% tax bracket.
Is there anything I could do to be better prepared?
Would you buy more properties so you have the interest deductions to offset the passive income?
Thanks.