I'm a physician with a question

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jiggabot
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Joined: Sun Apr 17, 2011 4:25 pm

I'm a physician with a question

Postby jiggabot » Sun Apr 17, 2011 4:27 pm

Can a physician use his gross income to buy real estate that is not necessarily related to his practice, to minimize his taxable income?

For example: a solo family doctor makes $300k a year in gross collections. He uses $200k to buy another office building. He rents out that building to another family doctor for $20k a year. Assuming he has no other overhead, does this mean he only pays taxes on $100k+$20k per year?

What if he rents his building out to a chiropractor instead, does that change whether or not he can avoid paying taxes on that $200k for the building? What if the other person renting out the building were completely unrelated to the medical field?

Thanks guys.

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OGR3
Posts: 881
Joined: Wed Dec 23, 2009 6:56 pm

Re: I'm a physician with a question

Postby OGR3 » Sun Apr 17, 2011 4:28 pm

jiggabot wrote:Can a physician use his gross income to buy real estate that is not necessarily related to his practice, to minimize his taxable income?

For example: a solo family doctor makes $300k a year in gross collections. He uses $200k to buy another office building. He rents out that building to another family doctor for $20k a year. Assuming he has no other overhead, does this mean he only pays taxes on $100k+$20k per year?

What if he rents his building out to a chiropractor instead, does that change whether or not he can avoid paying taxes on that $200k for the building? What if the other person renting out the building were completely unrelated to the medical field?

Thanks guys.


Go talk to a lawyer.

jiggabot
Posts: 2
Joined: Sun Apr 17, 2011 4:25 pm

Re: I'm a physician with a question

Postby jiggabot » Sun Apr 17, 2011 4:39 pm

Let me rephrase, I'm a resident with no money and still in training. If any of you guys posted on SDN, we'd be glad to help. Or at least tell me where to look.

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nygrrrl
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Joined: Wed Sep 30, 2009 1:01 am

Re: I'm a physician with a question

Postby nygrrrl » Sun Apr 17, 2011 4:42 pm

OGR3 wrote:
Go talk to a lawyer.

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OGR3
Posts: 881
Joined: Wed Dec 23, 2009 6:56 pm

Re: I'm a physician with a question

Postby OGR3 » Sun Apr 17, 2011 4:46 pm

jiggabot wrote:Let me rephrase, I'm a resident with no money and still in training. If any of you guys posted on SDN, we'd be glad to help. Or at least tell me where to look.


We have ethical and legal responsibilities to not give out unlicensed legal advice. What would be the consequences if you operated on some guy who came up to you and asked for free medical help?

I told you where to look.

Go talk to a lawyer.

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vanwinkle
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Joined: Sun Dec 21, 2008 3:02 am

Re: I'm a physician with a question

Postby vanwinkle » Sun Apr 17, 2011 4:49 pm

nygrrrl wrote:
OGR3 wrote:
Go talk to a lawyer.




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