The Housing Decline: The Extent of the Problem and Potential Remedies, Senate Finance Committee, Invited Testimony, December 2007
10 Pages Posted: 29 Jan 2009
Date Written: January 27, 2009
The author was asked to submit testimony to the Senate Finance Committee regarding the proper scope of - 61(a)(12) taxation when personal residence debt is discharged due to falling market prices (as opposed to consumption by the taxpayer) in light of categorization of personal residences as entirely "personal-use" assets (producing nondeductible losses).
Keywords: debt-discharge income, COD income, home foreclosure
JEL Classification: H20, H24
Suggested Citation: Suggested Citation