You already can mark down and carry losses forward into future tax years. Extremely wealthy people do this to get their taxes down to $0 regularly, including Tr

You already can mark down and carry losses forward into future tax years. Extremely wealthy people do this to get their taxes down to $0 regularly, including Trump. Also, if I’m underwater on my house, I don’t get a break on my property insurance. I still have to pay the assessed rate. This “no taxes if I take a loss” is an extremely selectively applied principle in the US legal code.