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Posted: 11/21/2008 6:39:13 PM EDT
I heard (you know how that goes) that part of el douchebag's plan is to tax you on the sale of your home.

Presently, as you all know, as long as you've lived in your primary (in my case, ONLY) home, when you sell it there is no tax on the profit.

Does this fuckhead actually plan to change this or is that just a nasty rumor.  Problem is, I've done 100,000 worth of improvements on the house over the years but don't have the receipts because, quite frankly, I never saved them, thinking I'd never need them.
Link Posted: 11/21/2008 7:01:14 PM EDT
That is capital gains. The difference is (I believe - hopefully a financial expert will chime in) that you are allowed a "freebie" or possibly two during your lifetime. It wouldn't surprise me at all if fuckhead Obama wanted to do away with the "freebie" - he's going to have to pay for all of his socialist shit somehow.
Link Posted: 11/21/2008 7:42:13 PM EDT
IIRC, if you sell your primary residence for a net gain, you can take $250,000 in profits tax-free if you're single, or $500,000 for a married couple.  I believe you have to have owned and lived in the house for a minimum of two years.

Generally, when they talk about the capital gains tax, it is on investments, usually stocks.  If you buy GM at $3 and it goes to $6, you currently would pay 15% on the $3 profit.  Obama will probably raise this back to 30-35%.  Lowering the capital gains tax usually results in money flowing into the stock market (raising stock prices), while increasing the capital gains tax usually results in money flowing out (lowering stock prices).
Link Posted: 11/22/2008 4:45:16 AM EDT
Originally Posted By intheburbs:
IIRC, if you sell your primary residence for a net gain, you can take $250,000 in profits tax-free if you're single, or $500,000 for a married couple.  I believe you have to have owned and lived in the house for a minimum of two years.

Generally, when they talk about the capital gains tax, it is on investments, usually stocks.  If you buy GM at $3 and it goes to $6, you currently would pay 15% on the $3 profit.  Obama will probably raise this back to 30-35%.  Lowering the capital gains tax usually results in money flowing into the stock market (raising stock prices), while increasing the capital gains tax usually results in money flowing out (lowering stock prices).


This was my understanding as well.  But I heard Hussein wanted to "change" that. Perhaps there was some fear-mongering going on?
Link Posted: 11/22/2008 4:52:52 AM EDT
I thought you paid capitol gains if you sell you house for more than you paid. But if you spend the profits on a new house you don't pay capitol gains
Link Posted: 11/22/2008 5:13:31 AM EDT
Obama doesn’t have a plan. During the election he just threw out some crap that went over well in focus groups. Nobody knows what he’s really going to do… And this includes Obama himself.
Link Posted: 11/22/2008 5:28:02 AM EDT
Originally Posted By Thuban:
Obama doesn’t have a plan. During the election he just threw out some crap that went over well in focus groups. Nobody knows what he’s really going to do… And this includes Obama himself.


I think your'e correct with that one. He is about as ready to run this country as I am for doing brain surgery


Ha,ha  We're screwed now!

Link Posted: 11/22/2008 5:40:45 AM EDT
Originally Posted By Thuban:
Obama doesn’t have a plan. During the election he just threw out some crap that went over well in focus groups. Nobody knows what he’s really going to do… And this includes Obama himself.


This is true.

Even if he had a plan the events of the last 60 days have made any kind of tax increase or even a tax decrease, economic and political suicide.

He is pretty much going to have to hold the status quo for a while when it comes to taxes.

Link Posted: 11/22/2008 5:41:51 AM EDT
Originally Posted By zeekh:
I thought you paid capitol gains if you sell you house for more than you paid. But if you spend the profits on a new house you don't pay capitol gains


Not if it is your primary residence for 2 of the last 5 years.

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