Real Estate Losses

[Jimbo]

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Is there a fundamental reason why the government wouldn't allow losses for a primary residence after you have lived there for a specific amount of time?


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Well yeah, have you noticed the subprime crisis? Anyone in his right mind would be buying multimillion dollar homes and the banks would happily finance them since the government would be on the hook, not you or them. Admittedly that is farfetched so let's just stick to collusion, you by a home for a million dollars and owe a million bucks in taxes, just sell your home to your brother for ten bucks and you just made a milliion bucks tax free. Heck, I'd move once a year, wanna be my brother? [img]/images/graemlins/smile.gif[/img]

Jimbo