Looking at one of my rental properties, I took almost a $23,000 deduction on it last year due to a “loss”.
Did I really lose that much?
But the IRS allows us to take that degree of loss based on how much the property depreciates each year.
This is what’s called a “phantom expense”.
You don’t really lose money, but the IRS lets you deduct it as if you actually did.
That’s the true power of rental properties.
Especially as you may be able to use this “passive loss” to offset against other types of income.
Very powerful stuff.
And tax attorney Bill Noll showed us how to make that number even higher.
Now it’s super-powerful stuff.
It’s basically what Trump did.
He took a massive loss on a property and let it roll forward for many years.
Just MANY more zeros.
I take all my deductions. Don’t you?
(Why wouldn’t you?)
My deductions may not have as many zeros after the $ as his, but they still work like they are legally intended to work.
Want to learn about all these great, legal & ethical ways of using tax law properly to save money?
Tax attorney Bill Noll will show you how.
Come to our 2 events next week:
#1. “Total Wealth Protection for You and Your Family” with Attorney Bill Noll
Thursday November 10th at the Sheraton Tysons Corner
#2. “The Power of the Right Structure: The Foundation For Keeping What You Make and Protecting Your Assets Without Expensive Lawyers” MasterClass Training Intensive with Bill Noll, Tax Attorney & CPA.
Saturday November 12th at the Sheraton Tysons Corner.
Reserve Your Seat Now at:
Traction Real Estate Mentors