Paycheck To REI Tax Question
I am in a position to hire on a with a new company, and as part of my package I will recieve a % of company sales in addition to my w-2 salary. I may have some leway as to how I would be paid that extra income.
I would like to put that extra income into some form of tax sheltered account that would be then used to purchase REI property.
The goal here is to somehow use the money pre-tax to buy the real estate in my name.
I understand a good tax lawyer would help here, I was hoping that someone on this forum may have some ideas.
thanks
Do you have an IRA? If so, talk to your IRA custodian about establishing a self-directed IRA.
Your IRA custodian is probably well versed in the areas covered by your question and is in a very good position to guide you.
IRA's have limits as to the amounts that can be placed in the account on an annual basis depending on your income. Also, IRA's tend to be very, very conservative and your custodian may not allow REI even in a self-directed IRA. I think you should see a lawyer. Let us know what he/she says.