题目
Which of the following relates to a benefit when owning real estate directly?
选项
A.Taxes
B.Capital requirements
C.Portfolio concentration
答案
A
解析
A is correct. When owning real estate directly, there is a benefit related to taxes. The owner can use property non-cash depreciation expenses to reduce taxable income and lower the current income tax bill. In fact, accelerated depreciation and interest expense can reduce taxable income below zero in the early years of asset ownership, and losses can be carried forward to offset future income. Thus, a property investment can be cash-flow positive while generating accounting losses and deferring tax payments. If the tax losses do not reverse during the life of the asset, depreciation-recapture taxes can be triggered when the property is sold. B is incorrect because the large capital requirement is a major disadvantage of investing directly in real estate. C is incorrect because a disadvantage for smaller investors who own real estate directly is that they bear the risk of portfolio concentration. ：A是正确的。当直接拥有房地产时，有一个与税收有关的好处。业主可以使用财产非现金折旧费用来减少应纳税所得额并降低当期所得税账单。事实上，加速折旧和利息支出可以在资产所有权的早期将应税收入降至零以下，损失可以结转以抵消未来收入。因此，房地产投资在产生会计损失和延期纳税的同时，可以实现现金流正。如果税务损失在资产的使用寿命期间没有逆转，则在出售资产时可能会触发折旧再捕获税。 B是不正确的，因为大量的资本要求是直接投资房地产的一个主要缺点。 C是不正确的，因为直接拥有房地产的小投资者的一个缺点是他们承担投资组合集中的风险。