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barry thinks YOU have too much money

Discussion in 'Politics, Elections & Legislation' started by slic lee, Apr 30, 2011.

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  1. slic lee

    slic lee Active Member

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    therefore in 2 or 3 years when you sell your house, you will pay 31% tax to the federal govt. Dont forget to vote for him again. Lee
     
  2. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Slick, I believe it is 3.8%. Bulge.
     
  3. Jerry944t

    Jerry944t Well-Known Member

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    Why not do some research or tell the whole story before you post?

    You only pay capital gains if your PROFIT on the sale of your house exceeds $500,000 if you are married, $250,000 in profit if you are single. You can also back out any selling costs like closing costs and agent's commission plus any improvements you've made to that house.

    Then the capital gain is on the amount over the minimums that I stated. So if my wife and I make a $600,000 profit on the sale of our house we pay capital gains on $100,000. That's after you back out the costs that I already stated.

    Believe me I don't mind paying that tax if I made over 1/2 million, after expenses, on the sale of my home.

    If you are in that position hats off to you.

    BTW this law has been in effect since 2002.
     
  4. Doug Mc

    Doug Mc TS Member

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    Barry just wants to redistribute the wealth ... it's only FAIR to make sure that Dem's dat don't will be Dem's dat got (yours that you WORKED for)... remember it's only FAIR
     
  5. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Jerry944t, can costs for home improvement and repairs be deducted from the total sale price? Also, isn't there a once-in-a-lifetime exemption for capital gains on a primary residence?
     
  6. Jerry944t

    Jerry944t Well-Known Member

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    Brian you can deduct for improvements. I don't know about normal repairs but I think you can.

    This is the the "once in a lifetime" exemption because you have to live in the house for ten years to qualify. If you live there less it's pro-rated.

    Please do your own research. I am no means an expert on this topic but I know enough to check anything Slic posts because usually he's so far off base It's a chuckle fest.
     
  7. dmarbell

    dmarbell Active Member

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    You have to have lived in the house 2 years to qualify for the exclusion. You can exclude up to the 250/500k every 2 years. There is no longer such a thing as a lifetime exclusion. This law was enacted under Clinton. Google is your friend, as well as www.irs.gov.

    Danny
     
  8. bluedevil

    bluedevil Active Member

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    Don't think values are going down around here, just got our property taxes, went up $15,200 in one year. Vehicle fees went up almost 50% in one year. Live in Colorado, run by scum bag Democrats.Next election might be different, people are fed up. We pay huge health insurance premiums every month and the illegals get the same care for free.
     
  9. dmarbell

    dmarbell Active Member

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    IRC Section 121 was effective for sales after May 6, 1997. There was a modification in one of the recent acts, but the 250/500k exclusion was done by Congress while Clinton was in office.

    Danny
     
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