Posted on 05/13/2010 3:47:46 AM PDT by quesney
Are you hearing the sound of silence or is the market really picking up like the Liberals claim?
My understanding is that the tax is on the gain, but, of course, you have to make over the income threshhold.
For example, if you are single and making $175,000 a year and sell a second home for $100,000 profit, you owe nothing. If you are single making $225,000 and sell your second home for $100,000 profit, you’ll pay $3800 in addition to any other capital gains tax you might pay.
And I am not a tax professional and this is not tax advice.
What a nightmare this administration is. Figures when I finally get mine, the country goes communist. (:
Silence but it is a really odd property for just the right person. Actually, I should be holding on to it because it is ideal for what is coming down the pike. 20 acres in extremely rural southern Colorado, strong well, more deer come through it on any given day than you could count...
With the housing market the way it is, this is affect MANY people! I have several friends who have moved from heavily taxed-areas like Michigan and Oregon to Texas, but have been unable to sell their first home due to the market.
So now, they have a “second” home, simply because they can’t sell the dang thing. But, I think this is criminal - it is basically a tax strictly on property investors! Surely this too is unconstitutional!
Better idea just in case, you could camp out.
It looks like you pay the 3.8% if your capital gain on the sale is over $250,000 for an individual, or $500,000 for a couple. I’m more than a little concerned because I’m in the process of selling my parents home. Split between my sister and I we are probably looking at around $230,000 combined. We are far from “rich.” This bastard will stop at nothing to destroy America.
I'm no fan of the MSM. However, the real current news story relates to the CBO releasing revised health care cost estimates this week.
I stand by my original post.
thats right they won’t go up 1 single dime....
they will go up hundreds and thousands of dollars....people need to learn to read between the lines.....lol..
The industry will adjust.
Simply put, a bridge loan will be used to absorb any revenues made from the sale. Immediately prior to, concurrently or consecutively, the purchase of another home will consummate. Hence no revenues. The closing attorneys will make more now. They’ll love it.
But, if you’re selling and not re-investing you will surely have to find another way to avoid the tax.
“..you’re-taxes-won’t-go-up-one-single-dime”
They won’t. They’ll go up a lot more than that.
And how will I know a “provite” if there is one?
I got one....get a 100%LTV and default. Technically not a sale when it is foreclosed.
The actions of this Congress belie their faith in the “commerce clause”. This tax, coupled with cap & trade’s energy efficiency impost on home sales and requirements for federal inspectors, will kill the real estate industry. That will have the added effect of immobilizing the populace; thus controlling them more efficiently.
When do we start getting Soylent Green?
Of course, that's also what they said about the Alternative Minimum Tax.
What does selling your home have to do with healthcare???????????
If it were me I’d be holding on to that place.
Don’t know about your question, but I’m pretty sure Medicare/Medicaid taxes will be levied on rental property income and investments. More bad news, maybe it’s time to start buying gold coins and bury them in the back yard.
Absolutely nothing. It wasn't a "healthcare" bill, it was a powergrab bill with a few "health" tidbits thrown in for the sake of appearances. All smoke and mirrors and all for killing the American way of life.
BINGO, so’s the new kerry/liarman cap and trade bill. 60 new agencies, buying cooking stoves for Africa, when they live in stupid huts out side of the cities. Already called Corker and Alexander and put in my 2 cents as Rush was talking about it.
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