109 posted 202 days ago by NJ_LibertyProsperity 202 days ago by NJ_LibertyProsperity +109 / -0 12 comments share 12 comments share save hide report block hide child comments Comments (12) sorted by: top new old worst You're viewing a single comment thread. View all comments, or full comment thread. ▲ 4 ▼ – TEXinLA 4 points 202 days ago +4 / -0 Wallace better ask Biden how he and Jill incurred that enormous tax bill. permalink save report block reply ▲ 2 ▼ – deleted 2 points 202 days ago +2 / -0 ▲ 2 ▼ – TEXinLA 2 points 202 days ago +2 / -0 Ask these suburban women if they understand passive and active income/losses and accelerated depreciation for real estate. The 1986 tax law change split income/losses into active (earner takes part) or passive (earner does not take part - typically real estate, etc.). It required active income to be netted against active losses, and passive income against passive losses. If income in either category is less than losses, then it is carried over to the next year. And the next year. Etc. Historically, depreciation for some properties was 10 years. Makes for a great legal deduction against passive income. permalink parent save report block reply
Wallace better ask Biden how he and Jill incurred that enormous tax bill.
Ask these suburban women if they understand passive and active income/losses and accelerated depreciation for real estate.
The 1986 tax law change split income/losses into active (earner takes part) or passive (earner does not take part - typically real estate, etc.).
It required active income to be netted against active losses, and passive income against passive losses.
If income in either category is less than losses, then it is carried over to the next year. And the next year. Etc.
Historically, depreciation for some properties was 10 years. Makes for a great legal deduction against passive income.