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/biz/ - Business & Finance

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55532654 No.55532654 [Reply] [Original]

is it true that real estate owners get massive tax breaks?

>> No.55532669
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55532669

>>55532654
yes, anything you do to improve or maintain the property is a tax write off

>> No.55532671

>>55532654
No, your interest is tax deductible and that's about it. If you let a farmer farm your land your property tax drops to like $25 in the right states.

>> No.55532922

>>55532654
Yep.

>mortgage interest and property tax deductions
>can deduct maintenance and repairs
>also get a 3.6% depreciation deduction

Almost all of my rental revenue is tax free. State has no income tax.

>> No.55534339

>>55532654
I believe fake estate owners dont even bother with paying taxes.

>> No.55534486

>>55532654
No. But the people who get massive tax breaks are property owners.

>> No.55534540

>>55532654
Biggest by far is depreciation against rental income. And any repairs is a tax write off. Then you get to have tax free gains on your first 250k/500k of profit for selling your first home. Along with tax deferment for doing 1040 like kind exchange, where you swap one property for another.

>> No.55535116

>>55534540
>Then you get to have tax free gains on your first 250k/500k of profit for selling your first home.

Only if it's your primary residence for 2 of the last 5 years.