What are the tax implications of passive income?
An example of an AI chatbot conversation about tax implications of passive income.
What are the tax implications of passive income?
Passive income can be subject to different tax rates depending on its source. Generally, it's taxed as ordinary income.
Are there specific types of passive income that are taxed differently?
Yes, for example, qualified dividends and long-term capital gains are often taxed at lower rates than ordinary income.
How can I minimize taxes on my passive income?
You can consider tax-advantaged accounts, deductions, and credits. Consulting a tax professional is also advisable.
What records should I keep for my passive income?
It's important to keep records of all income received, expenses related to generating that income, and any relevant tax documents.
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