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To: kevkrom
Would single family home purchases be taxed?
283 posted on 03/04/2004 12:55:21 PM PST by Your Nightmare
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To: Your Nightmare

Would single family home purchases be taxed?

A new built home on which NRST has never been imposed, yes. Homes in the resale market, no.

The rule applied to the NRST in HR25, tax once but only once. Any product or property sold with NRST, will never again be hit with an NRST. Residences existing prior to implementation of the NRST are grandfathered.

286 posted on 03/04/2004 1:02:02 PM PST by ancient_geezer (Equality, the French disease: Everyone is equal beneath the guillotine.)
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To: Your Nightmare
Would single family home purchases be taxed?

Yes, just like they are today. The land would not be taxable -- as it had been subject to past taxes, but any new improvements (such as a house) would be taxable. Houses, like everything else, would not be taxed on resale.

Again, remember that the income tax inflates today's price already. Add in all of the savings with 25% lower interest rates, and home buying should still be a good deal under the NRST. Ok, there's no income tax deduction for interest payments, but that's because you're already paying with pre-tax dollars under the NRST, as opposed to post-tax dollars today.

287 posted on 03/04/2004 1:03:29 PM PST by kevkrom (Ask your Congresscritter about his or her stance on HR 25 -- the NRST)
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