People always talk about how the wealthy pay less taxes then the middle class. How do they do this with the sale of real estate?
In: 2
Well I think the statement that wealthy pay less taxes is more nuanced than they just across the board pay less taxes.
What is common is that the wealthy own business, companies, and corporations that many assets can be written off as expenses, including real estate. There’s all kinds of other tax laws I’m not even familiar with that apply too, that effectively allow the wealthy, and especially their corporations, to pay nothing. Part of this is affording teams of expert accountants and tax lawyers that know and kind find loopholes.
I’m not one of those people but generally if you don’t have some kind of business or corporation to attach things to as expenses or something you can’t really offset taxes. I think… but someone else may know better.
Latest Answers