We live in california but could not afford to buy home here. So is it okay to buy home in colorado or texas and rent them out?. My husband feels its not a good idea since we will be gettting rental income and have to pay taxes on them. So at the end there will be no savings. Our job doesn’t permit to move cross country as of now. This idea is just for investment purpose, where we can sell the properties later. Any input is greatly appreciated.

If you add up all the taxes you pay now, Fed. Income tax, FICA, Social Security, State tax, City tax, Local tax, Property tax, Sales tax, Gas tax, etc., already most of your income goes toward paying taxes.

What percentage will be too much. Will you work when every penny you earn goes to pay your taxes or will you just say to hell with it all?

I need to file taxes for 2008 and I know I can’t efile but if I go to irs.gov it will allow me to download and print forms.

Does anyone know which forms I will need to file for federal and state in Pennsylvania?