chapotraphouse

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Are the Boomers Okay? (lemmy.dbzer0.com)

submitted 7 months ago by [email protected] to c/[email protected]

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I genuinely did not expect them to respond to this:

This was so beyond ridiculous that I debated posting it. I wasn't sure if people would believe it or not.

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[–] [email protected] 12 points 7 months ago (1 children)

You should see what landlords can deduct. They can basically go 10 years with artificial losses and never pay taxes on rental income

[–] [email protected] 8 points 7 months ago (1 children)

And then I bet they just make a new LLC to buy all the assets of the old one and reset the 10 year timer

[–] [email protected] 8 points 7 months ago

That’s what independent contractors do. They flush all income through it then deduct all car mileage and miscellaneous expenses through it and “pay” themselves a meager wage from that income. The LLC or S-corp shows paper losses and since it is a flow-through entity they get to deduct those losses on their personal income taxes