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It is not quite as simple as the two tests mentioned above and when Congress gets through with it, there could be the same, more, or less exceptions to the general rule.
The problem is that the GOP has put this bill on an ill-conceived deadline...to pass it before the Thanksgiving recess. 2 weeks. I don't think there is time for many amendments or even debate. They are rushing it through before everyone gets a whiff of what is in it.
BTW, we bought our first home in DC-Metro in 1989 for 79K. As we earned more money, we sold and bought a higher priced home. We held at least 3 homes less than 5 years. Back then as long as your next home was greater value, you could defer gain. Doing this and ultimately making a big gain on the last house, gave us the security to retire young.
BTW, we bought our first home in DC-Metro in 1989 for 79K. As we earned more money, we sold and bought a higher priced home. We held at least 3 homes less than 5 years. Back then as long as your next home was greater value, you could defer gain. Doing this and ultimately making a big gain on the last house, gave us the security to retire young.
Quote:
Originally Posted by TuborgP
I resemble that except started in the 70's.
Oops...mistyped. We bought our first home in 1979. Sold our last pre-retirement home in early 2003.
I bought in NYC in 2001, doubled my money and sold in 2004.Took my tax free money to Peru and did it again only this time my apartment tripled in price between 2005 and now. Anybody know where I should go to next?
There's another component to the proposed tax law change regarding sale of principal residence that is potentially much more significant. It's the proposed change that would phase out the gain exclusion by one dollar for every dollar by which a taxpayer’s adjusted gross income exceeds $500,000 ($250,000 for single filers).
Does anyone know about long term capital gains tax?
Such as owning real estate for 1 yr + 1 day then flipping it to make 20K?
If a married couple combined makes just 60K, and they flip real estate after 1 yr+1 day, do they pay
federal taxes at all? or is it the 15% set long term gains tax they pay?
Someone posted a copy of the bill but I was late for work and didn't bookmark it.
If it is still available, can someone post it so I can answer my own question?
How many future retirees would buy a home and sell within 2 years ?
There's no guarantee of a profit unless you intended to flip.
Moving to 5/8 from 2/5 might just what the RE market needs.
Flippers won't be so attracted seeing they have to tie up their money for 5 years.
Might open the doors to first time home buyers who can renovate over time.
Would also stabilize neighborhoods since people have to stay invested for at least 5 years.
Investors and flippers have created huge price bubbles in RE and that is not a good thing.
That is Crazy! It disallowes low income people to get ahead by working hard
Following the MLS listings.
It is VERY BAD.
It keeps the poor, poor
And the very rich, rich
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