Updated almost 5 years ago on .
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Should I give myself a W2
This year l left my W2 job. I do flips and have a few rentals.
Is there any benefit to giving myself an official paycheck and W2? I do want ability to get loans.
I have 4 years good schedule C and interest income.
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Yes, but also for a different reason....flip income is subject to fed taxes Plus self employment (ss/med) of 15.3%. If you use a subS Corp , or llc taxed as a subS, you can pay yourself an acceptable salary (still paying both sides of ss/med, but the additional income would be profit Not subject to ss/med. Talk to a cpa for particulars. But in the end, 2 years of consistent income is income, whether W-2 or not.