How does one reduce the value of an asset and then take a tax deduction for a "loss" without actually selling the asset? WTF?
“”What you do is, you deflate the value of the asset and then you put in a request to the tax department for a deduction,” said Cohen when Ocasio-Cortez asked how Trump attempted to reduce his tax burden.””
That was Cohen’s answer. It bears no resemblance to your post or to the one who said he’d been a CPA for 40 years and had no idea what they are talking about.
I believe a lot here are missing the point and intentionally so - requesting a reduction in assessed value of property (whether real or personal) is a common occurrence and assessors offices even send out the forms to complete for that purpose. What does your question have to do with that? No one said anything about “selling the asset” or taking a tax deduction for a “loss.”
“”How does one reduce the value of an asset and then take a tax deduction for a “loss” without actually selling the asset?””
They’re conflating the balance sheet with the income statement. A reduction in net worth is deductible for tax purposes. Not.