depreciation

Most run according to a combination of budget cycles, maintenance and depreciation schedules, accounting rules and plain old obsolescence.

ProPublica’s 2021 article traced how owners, starting with the late baseball showman Bill Veeck decades ago, persuaded the IRS to accept a “gimmick” that allows owners to take massive depreciation write-offs.

The company, whose main business revolves around connecting prospective homebuyers with real estate agents, reported $125 million in adjusted earnings before interest, taxes, depreciation and amortization, beating the average analyst estimate of $104 million.

Kennedy wants to “change business depreciation rules and reform the ‘enterprise zones’ that have contributed so much to gentrification.”

That includes mortgage interest, taxes, operating expenses, depreciation and repairs.