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Updated about 5 years ago on . Most recent reply presented by

Shodhan Patel's profile image
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Shodhan Patel
  • Rental Property Investor
  • from Newark, DE
  • Member since Jun 30, 2017
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Shodhan Patel's profile image
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Shodhan Patel
  • Rental Property Investor
  • from Newark, DE
  • Member since Jun 30, 2017
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Shodhan Patel
  • Rental Property Investor
  • Newark, DE
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Tax, SDIRAs & Cost Segregation

Kids salary for Roth IRA

Shodhan Patel
  • Rental Property Investor
  • Newark, DE
Posted

Hello my fellow BP’ers.

1st hope y’all are staying safe.

2nd. Are any of you putting young kids (5) on payroll? How are you handling this? I only have two properties, and wanted to get my kid some earned income to invest into his Roth IRA. So I need help on this matter. What is qualified as good work to pay for around the office. I won't be using his face in any marketing campaign. And I am not talking about $6k worth of work. Maybe $500 per property.

Thank you all

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Michael Plaks
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  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied

@Shodhan Patel

This article is a good start:

http://www.nolo.com/legal-encyclopedia/why-its-tax-smart-hire-your-children.html 



  • Michael Plaks
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