@LuFins-Dad said in IRS to close loophole: depreciating the same asset repeatedly:
I’m sure it’s not going to affect those Rideshare drivers that have wisely incorporated, then reincorporated, and have used that loophole… And don’t forget that the original entity that sold the asset to the new entity STILL had to report the income and pay the income tax from the sale…<
I was wondering that on reading the article....How much could one have really saved doing this??
There's probably a bunch of crap I could/should be doing in my own little business that would have had some benefits..I dunno. Seems so stupid. Why isn't it as simple as "Revenue was 'X' actual expenses were 'Y', that's the profit, let's pay some shitty taxes and move on with life.