How I Won't Be Paying Any Income Tax In 2025!

[@jeffreym3233]

Thanks, Zach, for sharing how it’s done on tax planning!

[@OnCashFlow]

My tax planning is rather easy with my frugal spending haha!

[@memphistnliving]

This is great share. Are you converting Traditional IRA to Roth IRA (or) pulling out money from Roth IRA? Just trying to learn as the Roth IRA withdrawal is non-taxable in my understanding. I know you own a rental. Are you bringing Schedule E related income/expenses into consideration here? If not why?

[@OnCashFlow]

Right now we are converting Traditional into Roth, thus creating taxable income, but in the end not owing any federal income tax. Roth IRA withdrawals are non-taxable if you withdraw contributions, or after waiting 5 years after a conversion. I would suggest this video for learning the Roth IRA conversion ladder strategy: kzbin.info/www/bejne/n6KpopyunbCnibs We currently have an ownership interest in 4 rental properties. The rentals are on our tax return, but they show losses because of all of the $$$ we put into rehabbing them upfront, and ongoing expenses, so losses are currently being carried forward each year, so no taxable income on 1040.

[@memphistnliving]

@@OnCashFlowthat’s great don’t you have depreciation carried over to get refund from portfolio of four rentals??

[@OnCashFlow]

@@memphistnliving The depcreciation is one of the expenses, yes, but it can only offset RE profit income, not any other type of income.