ajtj99's Market Pulse

[sylvester80]

Thanks JD. Quite the eye opener. I especially find appalling this:

"Will the IRS let you claim a write-off for the loss? Nope. You can only claim a tax loss on investment property. A loss on a personal residence is considered to be a nondeductible personal expense for federal income tax purposes. Most states follow the same principle. Double ouch!"

So the greedy flipper investor bastards who bought 10 properties when he could not even afford one, and IMO mainly caused this mess, gets to write-off the loss, but the guy who truly wanted to buy a single house and ended up paying the artificially driven prices by the flippers, can not.

This is a complete disgrace IMO!!!!

Thanks for the post and link.