The Housing Decline: The Extent of the Problem and Potential Remedies, Senate Finance Committee, Invited Testimony, December 2007

Geier, Deborah A.

doi:10.2139/ssrn.1333896

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The Housing Decline: The Extent of the Problem and Potential Remedies, Senate Finance Committee, Invited Testimony, December 2007

Cleveland-Marshall Legal Studies Paper No. 1333896

10 Pages Posted: 29 Jan 2009

See all articles by Deborah A. Geier

Deborah A. Geier

Cleveland State University, Cleveland-Marshall College of Law

Date Written: January 27, 2009

Abstract

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

Geier, Deborah A., The Housing Decline: The Extent of the Problem and Potential Remedies, Senate Finance Committee, Invited Testimony, December 2007 (January 27, 2009). Cleveland-Marshall Legal Studies Paper No. 1333896, Available at SSRN: https://ssrn.com/abstract=1333896 or http://dx.doi.org/10.2139/ssrn.1333896