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OldTrader

Registered: Sep 2002
Posts: 3099

11-25-06 06:07 AM

Quote from TrendSailor:

But look at the fun they had in those houses during that period of time. Look at all the business deals they probably made entertaining friends, business contacts, and the doors that open to relational opportunities. When you play at a certain dollar level expectations and the price to ante up are not the penny ante that Joe Sixpack is accustomed to. Sometimes you MUST take a risk at a 10% business loss to make a 30-50% gain somewhere else. Besides, the government underwrites most all losses in investments and personal losses with tax credits.

TS

Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader

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TrendSailor

Registered: Oct 2006
Posts: 355

11-25-06 11:52 AM

Quote from OldTrader:

Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader

Oh damn, you have a point here. I guess I'm going to have to go to tax jail. There has just got to be a free lunch and a place to stay in this deal somewhere.

When I get out of jail, then, I'll take the tax write off for the loss of business income to my sole proprietorship, get a small distressed business loan, sign up for a jobs retraining package and get a new company car first-year tax depreciation and start up over again. Ah, the American Dream - what a country!

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gnome

Registered: Jun 2002
Posts: 10007

11-25-06 02:37 PM

Quote from OldTrader:

Just thought I'd mention that a loss on a personal residence is NOT tax deductible.

OldTrader

However, a loss would be able to be "added to the cost basis" of future property purchases and could be recovered tax free.

(This issue gets complicated where there was a mortgage forclosed upon and "forgiveness of debt" by the lender....)

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ratboy88

Registered: Dec 2003
Posts: 6163

11-25-06 03:18 PM

Quote from vladn:

Gold is good but we need to diversify to other hard assets as well. Gold is not broad / efficient enough market and as such can be subject to wild coordinated manipulation by world CBs (at least until a major trade war breaks out).

very very astute observation.

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crackedback

Registered: Feb 2002
Posts: 535

11-25-06 11:20 PM

I would think the Graf /Agassi home was bought under a corporate umbrella.

What the tax treatment then? Hmmm!

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fletch2

Registered: Dec 2005
Posts: 152

11-26-06 05:55 PM

Quote from JamesVU2000:

Has anyone noticed that the same friends buying the nasdaq peak are also the same ones long real estate and in trouble?

Absolutely. I had the same thought.

Fletch

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