4 ms·
concrete examples: Mortgage tax deduction (up to $2.4mm in loans iirc), low property taxes from Prop 13 leading to lower running cost vs renting, and capital ga
by hkmurakami 11y ago
concrete examples: Mortgage tax deduction (up to $2.4mm in loans iirc), low property taxes from Prop 13 leading to lower running cost vs renting, and capital gains carryover upon a sale of primary dwelling and purchase of another one.
I am sure there are more.
- sokoloff 11y agoI don't think there's a federal capital gains carryover on primary housing. There's an outright exclusion amount on capital gains for sale of a primary house (up to $500K IIRC) You might be thinking about 1031 exchanges of business assets (including rental properties). IMO, that serves a generally beneficial purpose as compared to the others that you mention.