Taxation of the Really Big House

A. Overview Serious long-term tax reform will need to limit the considerable tax advantages now available in owning the very largest houses and other personal-use properties. The primary return from the investment in residences and similar property is the rental value of the personal use of the house, which is always tax exempt. If the property appreciates, the gain from a principal residence is usually tax exempt. The primary costs…
Andrews & Kurth Centennial Professor of Law, University of Texas at Austin - School of Law, USA
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