Sunday, March 19, 2017
WSJ: ONE BENEFICIARY OF GOP’S TAX BILL: PRESIDENT TRUMP
"Mr. Trump’s decision to continue owning his businesses without running them means that he is no longer considered a real-estate professional for tax purposes. That increases the tax’s effect on him and enhances his benefit from the proposed repeal, which would take effect in 2018, according to accountants and tax lawyers.
"'In terms of his rental income, he would have been largely unaffected by repeal' if he were still a private citizen, said Tony Nitti, an accountant at Withum Smith & Brown. 'There’s no just practical way he can qualify as a real-estate professional now that he’s president of the United States.'"