10-12-2017, 01:06 PM
(10-12-2017, 01:04 PM)Benton Wrote: Second home mortgage deductions.
NFIP, which isn't intended to create lower cost flood insurance for beach front homes... but the end result is lower insurance for beach front homes.
Yachts are tax deductible. Locally, in one county I cover (on a public access Army Corps lake), it will cost you about as much in taxes on a john boat as it does for a six figure power boat or house boat, thanks to a lower "luxury" rate.
Rental property. I don't take many of the deductions as I think it's ridiculous, but you can deduct most of your expense against profit.
Gambling loss deductions.
Farm subsidies. If you've got the investment up front, the USDA will basically pay for you to hold tracts of land and do nothing, or have them farmed. It's a long-term investment, but land only goes up in value. So if you own land you can avoid taxes on for 10, 20, 30 years, you can make a hefty chunk with virtually no taxes paid until you sell.
There are more examples, but at the end of the day, we've got a lot of ways of spending middle class money so people who can afford luxury items and investments can do so cheaper or with less risk. And, no, I don't think it's a cool story.
Why shouldn't you be able to deduct expenses from rental property income or gambling losses from gambling income?
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