Search Results: keywords:"qualified nonprofit organization"

  • H. R. 9937 — To amend the Internal Revenue Code of 1986 to deny interest and depreciation deductions for taxpayers owning 50 or more single family properties.
    Status:Introduced in House
    Words:1,974

    H.R. 9937, known as the “Stop Predatory Investing Act,” seeks to amend the Internal Revenue Code to prevent certain large property owners from benefiting from tax deductions. Specifically, it disallows interest and depreciation deductions for taxpayers who own 50 or more single family...

    Simple Explanation

    The Stop Predatory Investing Act wants to change the rules so that people who own lots of houses (50 or more) can't get certain money breaks, like not having to pay as much tax on interest and wear and tear. This is to make sure big landlords can't take unfair advantage and make housing tricky for others.

  • S. 969 — To amend the Internal Revenue Code of 1986 to deny interest and depreciation deductions for taxpayers owning 50 or more single family properties.
    Status:Introduced in Senate
    Words:2,016

    S. 969 is a proposed bill intended to amend the Internal Revenue Code of 1986 to prevent certain tax deductions for property owners with 50 or more single-family rental homes. Specifically, the bill seeks to eliminate the ability of these owners to deduct interest and depreciation on these...

    Simple Explanation

    There's a new idea for a rule where if someone owns 50 or more houses that people rent, they won't be able to save money on taxes by mentioning the money spent on their houses, like fixing them or paying loans, unless they sell a house to a person to live in or a special group that helps people find cheap homes.