Search Results: keywords:"real estate taxation"

  • S. 4924 — To amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
    Status:Introduced in Senate
    Words:995

    The bill titled "Renewing Investment in American Workers and Supply Chains Act" proposes changes to how depreciation is handled for specific types of properties under the Internal Revenue Code. It seeks to set a 20-year recovery period for both nonresidential real property and residential...

    Simple Explanation

    The bill wants to change how businesses and landlords count the cost of their buildings for taxes, letting them say the buildings lose value over 20 years instead of a longer time. It also suggests a new way to figure out how costs change with the economy, to make the tax amount fairer without changing what the building is worth for taxes.

  • 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.