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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Again no taxes paid, not even $1 contribution to NJ children fund. So now we know for sure he hasn't paid taxes for multiple years. Potentially he could have carried over his bankruptcy loss for decades  without paying any taxes or anything to charity.

So we now know he hasn't paid taxes for sure in 1991,1993 and 1995 and for atleast two more decades. So his business MO is to accumulate debt and declare bankruptcy and use the loss to eliminate tax obligations since he uses S-Corp, which allows pass through of business loss to his personal tax returns. [/quote]

Question: if you declare bankruptcy and get debts erased, can you still claim related losses on your taxes? If so that seems like a massive freaking loophole. [/quote]

Go read about S-Corp pass through. It is made easier in real estate business where there are so many more benefits similar to mortgage deduction on interest, depreciation, delay paying capital gains tax until the property is sold which can be indefinite.

The point is the tax laws are so loaded for the rich to get richer that even when they screw up big time, they can get away with it because of favorable tax laws. This benefit is not available for the average Joe who defaults on home mortgage or defaults on any loan.

https://www.biggerpockets.com/renewsblog/2015/05/20/tax-benefits-real-estate-investing-rental-properties/[/quote]

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