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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 11 months
Re: Repubs vs Dems [Re: Falcon91Wolvrn03]
    #21289139 - 02/17/15 03:18 PM (9 years, 2 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

AlgoRythm said:
as long as the capital gains taxes wont be for us middle class people who work our lives away to pay off a home then rent it out for a couple years then sell it and get hit with capital gains. there needs to be laws against that. I know someone who did that and got royaly hit with taxes it was a damn shame.



You can already sell your primary residence for $250,000 more than you bought it for ($500,000 if you're married) with no gains taxes.  You even qualify for that exemption if you've lived in the home for at least 2 of the last 5 years.



I'm pretty sure the guy got screwed because he rented the house out and it was no longer his primary residence at the end when he cashed in.  Always consult a tax professional because these fucking assholes have made the laws completely and utterly impossible for anybody else to understand.  70.000+ pages of arcane bullshit, although most of it is irrelevant to individuals the tax code for even regular people is incredibly abstruse.


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