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you could create an exception: if you have <= $1M in unrealized capital gains, those assets are not subject to unrealized gains tax.
by AutistiCoder 2y ago
you could create an exception: if you have <= $1M in unrealized capital gains, those assets are not subject to unrealized gains tax.
- saalweachter 2y agoEh, an exception for a primary home is common throughout the tax codes and the like. Just saying you realize capital gains on an asset used to secure a loan (unless it's a primary residence) would cover that without being out of step with everything else. Sure, a billionaire could then use their $143M estate as collateral on a loan to avoid realizing the capital gains, loophole, but since you can only have one primary home, it's a very limited loophole.
- ok_dad 2y agoLarry Ellison will write off the island of Lanai as his primary charging station.