Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package

[Yo_Mama_Been_Loggin]

The federal government’s planned $2 trillion economic rescue package includes financial aid for individuals and industries that are struggling to survive the coronavirus pandemic.

It also includes a potential bonanza for America’s richest real estate investors.

Senate Republicans inserted an easy-to-overlook provision on page 203 of the 880-page bill that would permit wealthy investors to use losses generated by real estate to minimize their taxes on profits from things like investments in the stock market. The estimated cost of the change over 10 years is $170 billion.

Under the existing tax code, when real estate investors generate losses from gradually writing down the value of their properties, a process known as depreciation, they can use some of those losses to offset other taxes. The result is that people can enjoy big tax breaks stemming from only-on-paper losses, even if they enjoy big cash profits in the real world.

https://www.msn.com/en-us/money/realestate/bonanza-for-rich-real-estate-investors-tucked-into-stimulus-package/ar-BB11L4im?li=BBnb7Kz

[dalton99a]

1. Kick

[machoneman]

2. Will House Democrats remove this provision?

[jimfields33]

3. There's so much junk in the bill. Kennedy center? A trump desire. WTF?

He bragged about getting that in the bill.

[Baitball Blogger]

5. It's been so long that I've seen the process get through the Senate that

I forgot that it now goes back to the House...again?

[flamingdem]

4. So if you make a killing in the market - that you are manipulating for instance

you can then turn around and get rid of your real estate losses and keep all that moolah. Perfect for tRump and his cronies.