RE: wealthy real estate investors
Define Wealthy Mr. Biden. If I own property to rent out and depend on the rent for income, am I wealthy?
Define Wealthy Mr. Biden. If I own property to rent out and depend on the rent for income, am I wealthy?
Yes, you would be an evil wealthy rapacious capitalist landlord. Better be ready to justify every repair and maintenance expense taken on your tax returns. Better make sure your depreciation schedule is accurate, otherwise, prepare for a big tax audit bill.
I’d be curious to know their dedinition too. And what they never tell you is that taxes net to never hit those they say. To compensate in this case, landlords will simply increase the rents of their tenanats who may not be so wealthy.
For tax purposes you will be, bank on it.