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Did you pot commit to selling your house in 2018 by taking out a 200k dollar loan on it, in order to buy another house for your family to move into?
Did you actually buy another house, that needs a 70+ thousand in order to meet your families needs, and make the improvements that were started have been planned now for months?
Are you working diligently on your new house, while simultaneously carrying the costs of both homes?
I personally would have never gotten in such a boat that "we" are in, had I had any incling that my current home's sale would be taxed as income.
Oh, and Did you also lay off your laborers, as you no longer will be able to afford their help, as the funds that were anticipated from your home sale will be shortened by 10's of thousands when the bill passes?
Also, Are you currently letting your rental properties needs sit aside because you no longer can afford to pay others maintenance, nor do you have the time to do the maintenance yourself, as you are diligently trying to single handedly complete your new reno that you had already started, so that you can get your family moved in so that you can sell your current home in order to stop the bleeding of accounts that comes with carrying two homes?
Are you and the Nar really "on it", or do you just want others to relax and think so, in order to pull off more of your "sly tricks", and are you really hoping this bill gets passed as is?
I close escrow on my new house (# 5) on December 20th. I gave my gardeners a Christmas bonus yesterday and one of my tenants just extended their lease through May of 2019.
As far as NAR being on it every time there is a bill that would negatively affect home ownership they send emails to every member. It has a link embedded that once you click takes you to a letter with your name on it that you forward to Senators and Congress with another click. That easy.
I really don't think you are that worried and just having some fun here.
How can people not be upset about this and call themselves American, or even Human Beings for that matter?
To hear professionals saying things like, Oh well, if it happens it happens, I guess I'll look into it then frankly just baffles and disturbs me.
This will impact future sales.
Just as Bo has talked about, countless people have been doing what he has been doing for the past 20 years, which is to sell their homes every few years or so in order to move into better locations etc. This isn't just a flipper or RE investor thing. This is half the home owning families in America thing.
Didn't "Bo talk about" that ONCE in 4 home sales that this would have affected him?
You really need to read some of the lunacy (see bolded above) that you're typing...
EVERYTHING impacts future sales. It just depends on how much.
The question is:
How many CONSUMERS sell their PRIMARY residence within FIVE YEARS of buying it, don't have another exclusion, and would LOSE MONEY on the sale of their home
frankly, the answer is ZERO. Because if you "lose money", then you don't pay taxes.
Did you pot commit to selling your house in 2018 by taking out a 200k dollar loan on it, in order to buy another house for your family to move into?
Did you actually buy another house, that needs a 70+ thousand in order to meet your families needs, and make the improvements that were started have been planned now for months?
Are you working diligently on your new house, while simultaneously carrying the costs of both homes?
I personally would have never gotten in such a boat that "we" are in, had I had any incling that my current home's sale would be taxed as income.
Oh, and Did you also lay off your laborers, as you no longer will be able to afford their help, as the funds that were anticipated from your home sale will be shortened by 10's of thousands when the bill passes?
Also, Are you currently letting your rental properties needs sit aside because you no longer can afford to pay others maintenance, nor do you have the time to do the maintenance yourself, as you are diligently trying to single handedly complete your new reno that you had already started, so that you can get your family moved in so that you can sell your current home in order to stop the bleeding of accounts that comes with carrying two homes?
Are you and the Nar really "on it", or do you just want others to relax and think so, in order to pull off more of your "sly tricks", and are you really hoping this bill gets passed as is?
you've possibly made some bad financial decisions, without basing them on the individually-provided input from financial professionals.
Maybe, just maybe - the house you're getting ready to sell wouldn't have increased in value. You had no way of knowing the value would rise, guaranteed.
I know you are not asking the victims in this particular thread but we are one of them. We wouldn't have gotten the full exemption anyway because it was not primary some of the years but I had the formula worked out and we listed. Now we will have to pay not only on all gains but pay taxes on soc sec as well.
Devastating to retired living on soc sec.
It hasn't passed yet...
And how did you vote the last few national elections?
Check it, I think there may be exemptions for existing home owners. I'm not certain though, other people are better informed than I am on this subject right now. If it comes to be I'll learn the details.
You are incorrect. There is no provision for existing home owners. The law would take effect for ALL SALES made after 12/31/2017. THAT is my gripe with this, that it penalizes people like me who planned to sell this winter. I bought in 2014 in order to be nearer an elderly parent; we guided him through the last years of his life at great expense to ourselves, mentally, physically and financially.
You are incorrect. There is no provision for existing home owners. The law would take effect for ALL SALES made after 12/31/2017.
Maybe so. If so thank you for the correction. As I stated I haven't had the time to check into it hence that's why I recommended someone do research if it may affect them.
Short summation - the topic post was will this crush the RE market? Short answer-no and therefore I'm not losing sleep over it.
Last edited by Brandon Hoffman; 11-29-2017 at 06:42 AM..
Reason: typo
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