Hmm, that would be good: being able to offset your negative equity
against tax. But somehow I cannot see Mr Gordon Brown doing that for
anyone in this country if the bubble bursts and people are left owning
a property that is worth less than their mortgage debt ...
Chris
On 27 Aug 2004, at 18:36, Winsor Crosby wrote:
>
> It is the same here, high appreciation. Most young couples cannot
> afford to buy a house unless they both have high income jobs or they
> have well off parents who will loan them the down payment. Property
> appreciates here normally, but sometimes there is a real estate value
> bubble that bursts. If you sell and have a loss you I believe you can
> deduct that loss against your income at tax time. That happened a few
> years ago and it took several years for values to return. That may be
> when you read about our real estate market. Most people are now exempt
> from taxes on capital appreciation when they sell their homes. I
> suspect the current bubble will burst after our election whichever
> party wins.
>
>
>
> Winsor
> Long Beach, California
> USA
> On Aug 27, 2004, at 10:00 AM, Chris Barker wrote:
>
<|_:-)_|>
C M I Barker
Cambridgeshire, Great Britain.
+44 (0)7092 251126
ftog at threeshoes.co.uk
http://www.threeshoes.co.uk
http://homepage.mac.com/zuiko
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