RJRiha Posted July 27, 2009 Share Posted July 27, 2009 We get tax deductions for capital gains losses (we made bad choices with our money, so we are given money back). Really? How does that work, Gary? I had to bring a $13,000+/- check to closing when I sold my first house. When tax time came around, H&R Block told me "tough titties" on seeing any of that scratch coming back to me. However, if I had made money on the sale, they told me, I would have had to pay CG taxes on that, unless I re-invested it. Yeah, capital loss rules exclude primary residences. We wouldn't want the peons of the country using the tax deductions that allow the ultra-rich to escape without a tax bill. Quote Link to comment Share on other sites More sharing options...
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