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no capitol gains tax 2008 to 2010?

Discussion in 'Uncategorized Threads' started by smsnyder, Jan 1, 2008.

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  1. smsnyder

    smsnyder Well-Known Member

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    i just read there will be no capitol gains tax for 2008 to 2010? How true is that? Is that on real estate sales? If so this will spark the economy big time? I read it in bottom line publication.
     
  2. Hitapair

    Hitapair Active Member

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    SM, seems to me I did hear something about that but it is only if your agi is below a certain level and I don't recall what the level is. Probably too low to help most of us.
     
  3. smsnyder

    smsnyder Well-Known Member

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    Its 10 to 15% tax bracket. That's great because married couple can earn up to $63,700 and pay no capitol gains tax. I guess commerical real estate in 2007 i sold i get screwed.
     
  4. Cy-Kick

    Cy-Kick TS Member

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    You do not pay capital gains on first 250K of appreciated value on the sale of a home
     
  5. Capt. Morgan

    Capt. Morgan TS Member

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    " Its 10 to 15% tax bracket. That's great because married couple can earn up to $63,700 and pay no capitol gains tax."

    Actually, a married couple qualifies for the capital gains tax relief if their TAXABLE income is $61,300. That's the amount liable for taxes after all exemptions and deductions are factored into their gross earnings.

    Morgan
     
  6. Hipshot 3

    Hipshot 3 TS Member

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    Will this still be true if you don't vote for Hillary?
     
  7. BILL GRILL

    BILL GRILL Well-Known Member

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    You can sell your residence/homestead if you have been there for 2 years and not pay capitol gains on the first 250,000 for and individual or 500,000 for married couple no matter what your income is. It is a federal law has been that way for about 10 years. Bill
     
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