You can carryforward the loss to future years to avoid taxes. You're right, it's not an instant payment, just a deferral. It would indeed be an enormously comp

You can carryforward the loss to future years to avoid taxes. You're right, it's not an instant payment, just a deferral. It would indeed be an enormously complicated system. And for what benefit? (Americans actually have one of the most deduction heavy tax systems in the world btw, including mortgage interest. In Canada we have almost no deductions of expenses from income tax. So our taxes are very simple. Complex taxes favour the rich, and require auditors)