CNN .. all you need to know. They’d do significantly better if they grabbed their journalist right out kindergarten.
They’re Communists. This is how Communists think.
Some idiot Freepers believe this
With Inflation, selling a home for owned for >40 years really doesn’t resualt in generating much in the way of Real Capital Gains.
Inflation is a Tax. Even at the “Fed Target” of 2%. {It’s total kr@p.]
With Inflation, selling a home for owned for >40 years really doesn’t result in generating much in the way of Real Capital Gains.
Inflation is a Tax. Even at the “Fed Target” of 2%. [That Target is total kr@p.]
It increases the value of a house as an investment against inflation.
It simultaneously gives people wishing to sell their homes a reason to do so now that they won’t be taxed as heavily, thus increasing the number of homes on the market.
So how those two countervailing forces work out will be situational.
CNN are dumb asses thats why. I told my mom that Trump might remove capital gains taxes from home sales and she was THRILLED are you kidding this would make the housing market BOOM like crazy
Using the words CNN and logic in the same sentence is not........ Logical.
Oh yes. The Lost Angeless leftists are pushing “affordable housing” in the burned out areas. Also, anyone building or rebuilding MUST install solar energy systems on the roof.
One way to analyze it is if you permanently raise the capital gains tax on houses, will that raise or lower house prices. You would think it would be the opposite direction of permanently lowering capital gains. Short term changes may be different.
the main issue liberals do not understand when it comes to economics is simply supply and demand.
right now we have a lot of demand and little supply so prices are high.
If anything increases the supply or decreases demand prices will go down
a change in the tax code that allows people to sale with no taxes would increase supply and drive down prices
Bass Ackwards?
It would probably lower California & Austin, Texas home prices, but prices in most other places might rise.
How would it increase the home prices? Because those of us with large gains would sell our homes…but we need somewhere else to live. Normally, you would “buy down.” But there is almost no inventory. It would drive up THOSE prices considerably.
The only thing that is going to cure the housing prices is the death of the baby boomers. (And I am one of them.). That would free up inventory without putting pressure on the smaller homes.
Californians legally in the USA wanting affordable housing should demand Californian governments assist ICE in invader removal.
Removing one million Los Angeles invaders will do more to lower housing costs in LA than having a few thousand people put their $500,000+ houses on the market.
Pretty stupid Beavis!
The most effective way to lower housing prices in expensive areas is to shut down area airports.
People with money will typically refuse to buy a house in such an area.
I want to fly out of LA.
No can do, Tijuana is your best choice.
UNLESS THERE HAVE BEEN RECENT CHANGES:
IF YOU ARE SELLING A HOUSE THAT IS YOUR MAIN RESIDENCE-—NOT A VACATION OR 2ND HOME:
IF YOU HAVE LIVED IN THAT PROPERTY FOR AT LEAST 2 YEARS & ONE DAY SINCE CLOSING ESCROW:
IF YOU ARE A MARRIED COUPLE & HOUSE IS IN BOTH NAMES:
THE FIRST $500,000 OF CAPITAL GAIN IS EXEMPT FROM TAXES.
IF YOU HAVE GAIN OF $505,000-—YOU ONLY OWE CAPITAL GAINS ON $5,000.
IF YOU ARE A SINGLE HOMEOWNER—THE EXEMPT AMOUNT IS $250,000.
I SOLD A PROPERTY IN 2004 & MY CAPITAL GAIN-—SALE PRICE MINUS BASIS (original price) & ALL CLOSING COSTS & SPRUCE UP COSTS==CAPITAL GAIN. IT WAS UNDER $250,000. I USED THAT PROFIT TO BUY CURRENT PROPERTY FOR CASH. NO MORTGAGE.
TRUMP IS TALKING ABOUT ENDING CAPITAL GAINS ON PRIMARY RESIDENCES.
CHECK WITH A CPA.
I don’t think so. 😉