Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.
UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.
