{"title":"税收诱导的住宅市场撤资--投资者和非投资者的见解","authors":"Walter D’Lima","doi":"10.1007/s11146-024-09993-0","DOIUrl":null,"url":null,"abstract":"<p>This study explores the effect of capital gains taxation on real estate transactions by comparing individual investors, that have greater timing ability and are more sophisticated, with owner-occupants. The study is based on a discontinuity in capital gains tax rates around the one-year holding period mark. The results document that investors that hold property for an investment purpose, relative to non-investors that are owner-occupants, exhibit a higher likelihood of selling immediately after the one-year holding period mark. Thus, frictions that inhibit optimal capitalization of tax rules differ based on investment and consumption objectives, i.e., for individual investors and non-investors. Additionally, the results depict the significance of sophistication and financial learning.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"32 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Tax Induced Divestment in the Residential Market - Insights from Investors and Non-investors\",\"authors\":\"Walter D’Lima\",\"doi\":\"10.1007/s11146-024-09993-0\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study explores the effect of capital gains taxation on real estate transactions by comparing individual investors, that have greater timing ability and are more sophisticated, with owner-occupants. The study is based on a discontinuity in capital gains tax rates around the one-year holding period mark. The results document that investors that hold property for an investment purpose, relative to non-investors that are owner-occupants, exhibit a higher likelihood of selling immediately after the one-year holding period mark. Thus, frictions that inhibit optimal capitalization of tax rules differ based on investment and consumption objectives, i.e., for individual investors and non-investors. Additionally, the results depict the significance of sophistication and financial learning.</p>\",\"PeriodicalId\":22891,\"journal\":{\"name\":\"The Journal of Real Estate Finance and Economics\",\"volume\":\"32 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-07-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Journal of Real Estate Finance and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1007/s11146-024-09993-0\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Journal of Real Estate Finance and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s11146-024-09993-0","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Tax Induced Divestment in the Residential Market - Insights from Investors and Non-investors
This study explores the effect of capital gains taxation on real estate transactions by comparing individual investors, that have greater timing ability and are more sophisticated, with owner-occupants. The study is based on a discontinuity in capital gains tax rates around the one-year holding period mark. The results document that investors that hold property for an investment purpose, relative to non-investors that are owner-occupants, exhibit a higher likelihood of selling immediately after the one-year holding period mark. Thus, frictions that inhibit optimal capitalization of tax rules differ based on investment and consumption objectives, i.e., for individual investors and non-investors. Additionally, the results depict the significance of sophistication and financial learning.