A Ludicrous ‘Loophole’ In The Tax Code That Could Be On The Chopping Block

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There are tax loopholes brought about by lobbyists, and then there are loopholes only bureaucrats could dream up. Here is an example of the latter, it’s absolutely absurd.

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Let’s say you own a home and your mortgage is $1,000 a month. If, however, you instead rented the home from a landlord your rent, let’s say, would be $2,000 a month. To the mandarins at the IRS, you are “earning” an implied $1,000 a month because you own and not rent, and that “value” should be added to your taxable income. If you own your home out-right and don’t have a mortgage at all, you would be “earning” $2,000 a month which the IRS thinks should be added to your taxable income.

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I have no doubt there is an elaborate, overly complicated theory for how this makes sense. But elaborate, overly complicated theories are also often silly. I own a car. If I didn’t, I would have to rent one from a rental firm, which would be considerably more expensive. Is the difference between my car payment and hypothetical rental fees something I “earned” which should be added to my taxable income?

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Yes it is, say the bureaucrats in Washington.

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Read the whole thing. This is so mind boggling I’m at a loss for words.

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