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tax shelter ideas?

4 May 2003
well, AMT got the best of me last year, and this year I will owe a lot to uncle sam. he is not my real uncle, so trying to figure out how to shelter myself. please let me know your ideas. thanks guys.

p.s. I own a house, max out my 401k, other than that, dont know what to do.
Perm Life does nothing to reduce your taxable income. Depending on your cash flow, you may want to consider purchasing a second home. The interest and taxes would be deductible on your taxes. You may be able to reduce your AGI enough so that you can take depreciation on any investment property if you own any.
I've looked into purchasing some charter sailboats in the Crib. or some multi-family rental units out of state. These would provid income, loss and depreciations. My accountant has always advised against passive income. It's difficult...

I looked into beach rentals in North Carolina when I lived in Raleigh. The management companies charged 40% and the season was only from April until September.

Be careful...
I don't have time to go in to sufficient detail to give you all the +'s and -'s, but there are some LLP's relating to exploration/drilling/recovery that you might want to do some research on.