Colli Real Estate

$127,000 1 year income here in USA, but tax free, help me know why?

my father has 3 properties. bought one for $1,300,000 but now it’s only worth $850,000 after the mortgage crisis in our area. His other two homes lost value too but he bought them cheap back in the day and still have $150,000 equity left in each, but he pays more each month for them then he collects in rent.The government gave him all his federal and state taxes back. He also lost a lot in the stock market. Mind you, we’re not rich on any regard. Why did he get al his money back from the government? Did I give enough info to help explain why? Thank you in advance
also, he busts his ass off at his job. typical work week for him is 6 to 7 days a week, 14 hours a day. lots of overtime. that explains his high income.
oh, i left something important out. his mortgage loans are $450,000, $470,000, and $900,000 for each of his 3 homes.

It’s possible that he had enough deductions and losses to take his taxable income to zero. It’s also possible that a mistake was made.

He can deduct up to $3000 of his stock losses against his other income – any additional has to be carried over to next year. And he doesn’t get to deduct the losses on the value of the rental properties unless he sold them – and can’t deduct a loss on his personal home in any case. The losses on the operating costs of the rental properties, including depreciation is deductible. You don’t say what he has in exemptions, or other deductions or credits – he must have quite a bit that you don’t mention for his taxable income to be zero.

the Government Housing Scam…

The Increase Of Rent And Mortgage Interest (restrictions) Act, 1920 $15.92 The Increase Of Rent And Mortgage Interest (restrictions) Act, 1920

Increase Of Rent And Mortgage Interest (war Restrictions) Act, 1915 …. $14.4 Increase Of Rent And Mortgage Interest (war Restrictions) Act, 1915 ….

Increase Of Rent And Mortgage Interest. Being The Increase Of Rent And Mortgage Interest (restrictions) Act, 1920, Fully Annotated, With A Separate Digest Of Ca $16.68 Increase Of Rent And Mortgage Interest. Being The Increase Of Rent And Mortgage Interest (restrictions) Act, 1920, Fully Annotated, With A Separate Digest Of Cases Decided Since The Passing Of The Act; A Note On The Increase Of Mortgage Interest; And Intr

Government Sponsorship Of The Federal National Mortgage Association And The Federal Home Loan Mortgage Corporation $15.92 Government Sponsorship Of The Federal National Mortgage Association And The Federal Home Loan Mortgage Corporation

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