Taxing sale profit would make things incredibly complicated. Actually determining profit would require tracking any and every expense paid as part of owning and maintaining the property, calculating depreciation of various components, etc, etc.
Right, they don’t consider expenses and upkeep there, but it would be quite detrimental to most people if the same would apply to principle residences.
Keep your receipts. If you don’t keep your receipts, that’s on you.
Real estate has been a free ride for investors for at least two decades and it’s made people homeless and broken the financial future of at least two generations. I don’t particularly care if house-rich boomers and elder Xers have to keep receipts.
Taxing sale profit would make things incredibly complicated. Actually determining profit would require tracking any and every expense paid as part of owning and maintaining the property, calculating depreciation of various components, etc, etc.
Aren’t non-primary residences already taxed in that way?
Right, they don’t consider expenses and upkeep there, but it would be quite detrimental to most people if the same would apply to principle residences.
You keep saying things they should be doing as if it’s somehow arduous and not done by every small business owner in the country.
If your house is your investment, get ready to show your work.
Right, but once you factor in those improvement, replacement and maintenance costs, houses aren’t really an investment.
Keep your receipts. If you don’t keep your receipts, that’s on you.
Real estate has been a free ride for investors for at least two decades and it’s made people homeless and broken the financial future of at least two generations. I don’t particularly care if house-rich boomers and elder Xers have to keep receipts.