Pateecakes@lemmy.worldtoNews@lemmy.world•Supreme Court to hear major case that could upend tax code and doom "wealth tax" proposals
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11 months agoWhen the asset doesn’t pay off you get to write that off on your taxes.
When the asset doesn’t pay off you get to write that off on your taxes.
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That puts it pretty simply, but yes. And at least in 2008 it was mostly loans instead of hand outs so it got paid back.