That’s a good campaign slogan for Democrats:
End Affirmative Action Programs for the Rich!
That’s not how depreciation works. Anything that you buy for your business that you are not allowed to deduct immediately because its utility will span many years is depreciated. For real estate buildings (though not Land*), it simply does not matter that it tends to appreciate rather than depreciate; you get the write off the cost of the purchase over a long time period because that’s how things work - call it fraud, but that’s how it’s done and everyone who does real estate is in on the game. No one who invests in real estate does things any differently than anyone else unless you’re the guy who buys a second home to rent it out and fails to claim depreciation. In the latter case, you get screwed when you sell it, because your cost basis in the property is reduced by the depreciation you should have claimed, even if you didn’t (I assume they want to be able to calculate your basis from when it was turned into a rental and how much it was worth at the time - not pour over perhaps 20 years of tax returns to see how much you actually claimed).
*The only physical thing you generally don’t depreciate is Land (and even in that case, it’s not a physical thing you’ve bought - it’s the right to use certain space). You also don’t depreciate securities (stocks, bonds, partnership interests) but do “amortize” a wide range of intangible assets over 15 years or the life of the asset.
In the meantime, another scandal has arisen.
I shudder to think what might be next, and have been saying that for some time.
I like the idea of the trifecta, and especially would really like to see DJT and his family living in a cardboard box in Times Square. I think being poor would bother him the most.
these docs being leaked make me wonder if Trump’s taxes were also leaked and the media are still checking them out. Maybe they will publish what they find week before mid terms?