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Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston
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JCK
Joined: 15 Feb 2007 Posts: 559
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Posted: Tue Feb 24, 2009 6:31 pm GMT Post subject: |
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Frankly, I'm in favor of getting rid of this deduction, but it would have to be done very, very carefully, as so many people have made plans surrounding the availability of the deduction.
I think you'd have to allow people who already bought places to continue to use it, phase it out very slowly, or both.
Personally, if we're going to change this, we should also rethink the $250k capital gains exemption on home sales.
It encourages people to trade up unnecessarily, especially if they start approaching the $250k/$500k limit. By encouraging people with large sums of equity onto the market, you're only driving up prices. |
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ConcernedCitizen2 Guest
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