Our kids are at an age where their lives are quite busy, and so is my responsibility at work. We needed to carve out a plan for all of us in order to protect against most of life's uncertainties.

 

Challenge

Husband has been a high earner which always led the family to owe in taxes.  This led to them not being able to take any credits from their support of this children through College. 

 

Process

We evaluated their situation and discussed what possible options we may have which would help their situation. 

 

Solution

After our evaluation, we discovered they owned a lake house which they could rent a couple of times to others by the end of the year.  By doing so, they had already established the number of hours necessary to utilize the STR Loophole.

 

Results

We performed a Cost Segregation Study on the lake house and was able to bring down their taxable income by $100,000.  This then allowed them to utilize the Education Credits for their children.  Utilizing the STR loophole they were able to save $20,000 in taxes.