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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: PKRBKR who wrote (982438)	11/17/2016 6:25:55 PM
From: Heywood40	Respond to of 1571001

I know, I'm a landlord. Just a note, accounting doesn't require me to depreciate anything. I do depreciate, though, because of another government "Welfare for the Rich" program, the stepped up basis. Under that provision, I can depreciate my properties all the way to zero, but when my heirs inherit the property, they will have to pay no gains on property that has been depreciated to zero, yet is worth 5 or 10 times what I paid for it. What a sweet deal! Between real estate appreciation, structure depreciation, and mortgage interest deduction I'm already able to skim about 50% profit off the rent my tenants pay me. The stepped up basis will allow my heirs to depreciate the properties all over again, from a much higher starting value, which will make the properties even more valuable. That's how wealthy family dynasties are built. All that is good for me, but I harbor no illusion that I'm making all this money because of my hard work. I'm just collecting the rent, paying my bills and pocketing the difference. Most of my day is spent amusing myself with my investments, making spreadsheets and trying to educate a few of the countless self-righteous right-wing hypocrites I see online. Meanwhile, my tenants are busting their asses trying to pay the rent. Realizing this, I keep my rents on the low end of the scale and am very attentive to the maintenance and appearance of my properties, believing they should at least have a nice place to live while they're working so hard to support me.