(03-30-2025, 09:56 PM)mikesez Wrote:

(03-30-2025, 08:02 PM)Sneakers Wrote: Your "information" misses a few key points.   Gains on a primary residence are not automatically tax free.  You must have lived in the house as your primary residence for two of the last five years and the exemption is limited to 250k for individuals and 500k for married couples.
You also haven't explained your plan.  Are you suggesting eliminating the gains exemption on primary residences?

Thanks, I'm familiar with depreciation on business-owned assets.  You said, "start collecting capital gains on any asset used as collateral on a loan" and a personal car or boat can meet that definition.  Are you backpedaling already?

I suppose I could treat you the way you treat me.  If you already knew that most of the value of most homes is not subject to capital gains tax, why did you say my idea would "kill the home equity loan business"?