Tuesday, March 17, 2009

Taxes are done!

Our taxes are done

The bad news, we took a pretty big loss on our real estate investments this year. While all of our units are rented we have had to reduce our rent and we continue to put money into the properties.

The good news, we get a great tax benefit from the real estate investment losses. We are able to greatly reduce our tax burden and I'm happy to report we are receiving a $5000 refund.

Our tentative plan is to put $4000 of the refund monies stratight towards our 2009 savings goal, most likely Mr. Sam's IRA, and $1000 for whatever spending (which we don't do very much of). So we will each get $500 to spend as we like on whatever we like.

1 comment:

Anonymous said...

Where in the 2008 tax can I write off a trip that I took to visit raw land that I own in Colorado?

I can't seem to find where it's done.
Thanks !