All Forum Posts by: Steve Legnaioli
Steve Legnaioli has started 5 posts and replied 15 times.
Post: Separating rental income to reduce Obamacare MAGI
- Posts 18
- Votes 1
Originally posted by @Daryl Luc:
So, if you’re not here to give advice, and you feel people should contact professionals And pay for advice.
What is the use of this community if you feel they should not be giving or taking advice here?
Post: Separating rental income to reduce Obamacare MAGI
- Posts 18
- Votes 1
Originally posted by @Daryl Luc:
So placing income into an IRA to reduce MAGI is "hiding income" Where are you come from?
And that the IRS could have a problem with that?....and that a member of the forum could be from the IRS and come after me for that?
This forum seems to be run by robots, there doesn’t seem to be actual humans here.
Post: Separating rental income to reduce Obamacare MAGI
- Posts 18
- Votes 1
Originally posted by @Daryl Luc:
Reducing taxable income isn’t something that people give advice on here ? If somebody had a real estate question would you tell them to go talk to a real estate agent? if somebody had a landlord question, would you tell them to attend a seminar?
I got to say I’m a bit disappointed in the replies on this website
Post: Separating rental income to reduce Obamacare MAGI
- Posts 18
- Votes 1
Originally posted by @Natalie Kolodij:
Originally posted by @Steve Legnaioli:
I have a chance to rent out a large room for $2000 a month in my primary residence where I live (Key West prices). I am unemployed, my wife makes about $65,000 a year working, for our healthcare we are receiving Obamacare credits , So we purchase our healthcare through the marketplace. The phase out number for Obamacare credits for us is about $65,000, if we make one dollar more than the phaseout number, we lose all the credits. Is there a way for me to collect rent for this room, and keep it separate from my MAGI I report to the ACA ?
I understand that some of that money can be deducted for certain expenses, but $2000 a month is a large number to account for in that manner. Could a S Corp. be created to collect rent in someway? Could I lease my house to my own S Corp. to sublet?
thanks
You don't get to have your cake and eat it too.
If you're making $65k + another $2k a month- why do you feel that you should qualify for the credit when others making that much don't?
Don't abuse the system. If you want to rent the room, do is, account for it correctly, and figure out if that extra income offsets the loss of the credit.
That’s your advice? To attack somebody
Perhaps you could've suggested that a common approach to reducing your MAGI would be to put some of the rental money into in IRA. but I guess you would consider that some sort of scam, and somebody having their cake and eating it too. I thought there might be some solid advice on this website, instead I got replies with people throwing around the word socialist and scam
Post: Separating rental income to reduce Obamacare MAGI
- Posts 18
- Votes 1
I have a chance to rent out a large room for $2000 a month in my primary residence where I live (Key West prices). I am unemployed, my wife makes about $65,000 a year working, for our healthcare we are receiving Obamacare credits , So we purchase our healthcare through the marketplace. The phase out number for Obamacare credits for us is about $65,000, if we make one dollar more than the phaseout number, we lose all the credits. Is there a way for me to collect rent for this room, and keep it separate from my MAGI I report to the ACA ?
I understand that some of that money can be deducted for certain expenses, but $2000 a month is a large number to account for in that manner. Could a S Corp. be created to collect rent in someway? Could I lease my house to my own S Corp. to sublet?
thanks