I'm a physician with a question Forum

[jiggabot]

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.

[OGR3]

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]

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.

[nygrrrl]

Go talk to a lawyer.

[OGR3]

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.

[vanwinkle]

Go talk to a lawyer.