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How To Trump Your Taxes

Over the past few months, President Trump’s refusal to release his tax returns has created quite a firestorm. While these returns are supposedly “under audit,” there’s no IRS or state rule that we know of prohibiting their release.

We suspect the real reason for the non-disclosure is that the returns will reveal President Trump has paid little, if any, taxes over these years. How can this be, when Forbes Magazine estimated his net worth at $3.7 billion in September of 2016?

While we admit we haven’t seen the returns, it’s highly likely a result of taking advantage of the tremendous tax benefits available through real estate investing. What? Most doctors (and their tax advisors) believe that due to the passive loss rules, no deduction for land costs, and the 39-year write off for building costs, there are no tax benefits. Below, I will explain how this tax result could occur, and ways that doctors can profit by using many of the same strategies themselves.

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The McGill Advisory is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal or accounting advice or other expert assistance is required, the services of a competent professional should be sought.

Copyright 2017 John K. McGill & Company, Inc. All Rights Reserved.