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You should change your screen name to BernieSanders19. My point is the government doesn't deserve another dime, especially on equity someone needs for another primary residence.
being paid on commission doesn't give you a higher tax rate. read up on taxes.
being paid on commission doesn't give you a higher tax rate. read up on taxes.
In theory you are incorrect. Commissions most months accumulate from previous deals causing higher tax brackets for that specific pay period. Some months I pay very little taxes and some months I pay at the very highest bracket, so yes commissions do give you a higher tax rate. It all depends on the timing of when the commissions are paid.
In theory you are incorrect. Commissions most months accumulate from previous deals causing higher tax brackets for that specific pay period. Some months I pay very little taxes and some months I pay at the very highest bracket, so yes commissions do give you a higher tax rate. It all depends on the timing of when the commissions are paid.
Withholding may vary from time to time, but federal income taxes are paid on an annual basis, so the commission itself isn't altering the tax rate.
By the way, what did your accountant have to say about the partial exclusion due to a work-related move?
I understand your point, but taxing profit from income that has already been taxed actually deters future investment. I see it all the time....the ROI gets smaller and smaller until its not worth doing any longer.
Also, if college is free, the quality of the college education will just continue to deteriorate...just exactly like public schools across the country have deteriorate.
I actually think more people need to goto technical schools and learn trades. This country needs more than accountants and lawyers....(especially need fewer lawyers) Try hiring a skilled labor person some time...A handyman, plumber, electrician, etc....Its hard to find good ones, and the good ones cost a fortune. Why? Because most people in this country are too lazy to do actual work.
Taxes, in general, reduce what is available for investment. It really doesn't matter if it's my regular income being taxed, or my investment income. Taxing either of them reduces the amount that I can later invest. Sure, I would prefer not to be taxed on investment income but, from a fairness standpoint, I really feel that all types of income should be taxed. The real problem, in my view, is that the tax rates are too high overall, with too many exemptions and loopholes which only select people (and companies) can use to their advantage.
But I do agree that more people need to go to technical schools. That's a very important part of post-secondary education. (My experience in three public colleges and universities was very positive, so I disagree with you about public education.)
Finally, I absolutely agree with you that there are too many lawyers!--just as there are too many real estate agents!
By the way, what did your accountant have to say about the partial exclusion due to a work-related move?
This was one of my favorite threads. Hopefully, people learned about the availability of a partial exclusion on the sale of a principal residence--which is in addition to the 24-month rule.
It's now been over a year, OP. How did everything turn out?
how temporary is 35 years ? that is how long my wife has been in our apartment renting . we have no impaired use of it at all . if we owned a co-op or condo our lives would be no different .
Hate to burst your bubble but Buyers & Sellers are the ones who set home prices not real estate agents. Lower income people who buy homes also benefit from tax deductions as well since most people with a FHA 3% Down Payment would be locked out of buying a home with a Conventional Down Payment.
I am so grateful for the first time home owner program in California where we live. 3% down and we were able to buy a home that we are still in today. That was late 2010 when we moved in. Our home has increased in value well over $200,000 since we bought it just over 6 years ago.
For us the program helped create wealth. Then again that would only happen if we were to sell. We have no plans to sell ever, just pay off the debt. LOL
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