I have been a CPA for 40 years and I have no idea what they are talking about.
Thanks, that doesn’t surprise me. I’d guess they’re both just trying to put something in front of the public that doesn’t sound good.
How does one reduce the value of an asset and then take a tax deduction for a "loss" without actually selling the asset? WTF?
There is something grotesquely wrong with our system of government wherein imbeciles ascend into positions of governance. I don’t know what the fix is short of revolution.
“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,
I have been a CPA for 40 years and I have no idea what they are talking about.
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Same here. The county has never asked me what my property is worth. THEY TELL ME and then I can fight them but I never win.
Maybe he’s referring to a request for a property tax valuation adjustment. That’s not illegal. If it’s granted, it’s granted. If it’s denied, it’s denied. I suppose you could have misrepresentations in the form — as if that doesn’t happen all the time.
They are saying you fight the assessors valuation of your property. That valuation is used to calculate property taxes. Every business does that. The value of property and the valuation of a business and the morons in congress have no clue so they think it’s corrupt.
Also they were talking about insurance. A businessman submits the REPLACEMENT value, and pony face is too thick to know what she was asking and how to interpret Cohens answers.
Isn't there pretty much a standard depreciation rate the IRS allows for buildings and equipment ?
To get a lower tax rate. Say the tax assessor appraised the property for $1,000,000 and $10,000 in annual taxes. A tax rate of 1%. So you petition the tax assessor that the property is only worth $800,000. You have that right. However the tax assessor has his appraiser value the property and consider the elements you brought up. Let’s say now it is appraised at $925,000 and taxes are $9,250 thus saving $750 annual. You have that right to challenge the tax assessor’s value.
I am not a CPA but do a lot of FSCM implementations.
From a tax pespective, does “Real Estate” even make sense? Land and buildings (much less furniture and fixtures) are quite different.
Probably much the same as many of us have had to do in petitioning the local appraisal board to reduce our property taxes.
You and I both know this is a continuation of the witch hunt. Nobody gets to reduce their property tax on their own. The local board makes all the decisions and they usually don’t favor any of us very much at all.
This is a show trial for the little people with even littler heads and brains.
Our only way to save ourselves from this mess is revolution.
[[[[I have been a CPA for 40 years and I have no idea what they are talking about. ]]]
Something about a tire tube.
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I have been a CPA for 40 years and I have no idea what they are talking about.""
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This has nothing to do with a CPA.
What they're talking about is the assessed value of property. Every year the gov sends a property tax bill which is overinflated. They figure out how much the income and expenses were on your building and how much you profited. The property owner then has to show evidence to prove that the gov is wrong and that the property is overvalued.
Trump did nothing wrong. EVERY landlord does this. The deadline for applying for lowering property tax bill is March 1 in NYC.
Simple. The author seems mixed up, but they’re basically talking about fighting the tax authority’s valuation. Saying the property value is actually less, therefore taxes are less. Completely legal.