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Will Obama increased taxes on wealthy include sale gain on my home
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Will Obama increased taxes on wealthy include sale gain on my home
<font size="1">Can you take a tax deduction on that recent purchase? Talk to others to get free tax advice and get tips on how to complete your IRS federal tax forms.</font>
I understant that the proposed taxes on wealthy people will include a doubling of the tax rate on capital gains. We have lived in our house for almost 30 years and its sale is expected to be a huge pa
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:a882faf9-edb3-472d-896c-a5e64a486dfc
Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:a882faf9-edb3-472d-896c-a5e64a486dfcDiscussion:00f98ee0-3acf-4aa0-ad14-c57e658319e0
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Will Obama increased taxes on wealthy include sale gain on my home
posted at April 16, 2012 1:05 PM EDT
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Posts: 2
First: April 16, 2012 Last: April 16, 2012 |
I understant that the proposed taxes on wealthy people will include a doubling of the tax rate on capital gains. We have lived in our house for almost 30 years and its sale is expected to be a huge part of our retirement. I can understand taxing people who make huge annual salaries but don't think it fair for people who have spent years paying off their mortgage to pay over 30% to the government when their house sells. |
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Re: Will Obama increased taxes on wealthy include sale gain on my home
posted at April 17, 2012 9:10 AM EDT
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Posts: 2
First: April 17, 2012 Last: April 17, 2012 |
In Response to Will Obama increased taxes on wealthy include sale gain on my home: I understant that the proposed taxes on wealthy people will include a doubling of the tax rate on capital gains. We have lived in our house for almost 30 years and its sale is expected to be a huge part of our retirement. I can understand taxing people who make huge annual salaries but don't think it fair for people who have spent years paying off their mortgage to pay over 30% to the government when their house sells. Posted by tlinnj Too many Federal regulations are written with one idea in mind. Blanket taxation. While elected politicans permit unelected bureaucrats to write taxation legislation in a style that is only legalistic, respect for senior citizens will continue unabated. |
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Re: Will Obama increased taxes on wealthy include sale gain on my home
posted at April 17, 2012 9:36 AM EDT
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Posts: 2
First: April 17, 2012 Last: April 17, 2012 |
While elected politicians allow unelected bureaucrats to write legislation in their style i.e "legalistic blanket taxation" misery for older citizens will continue unabated. Potiticians need to work their electorates more closely and seniors need to create a mountain of mail to change the system forf the better. |
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Re: Will Obama increased taxes on wealthy include sale gain on my home
posted at April 17, 2012 6:18 PM EDT
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Posts: 1924
First: November 27, 2011 Last: May 31, 2013 |
In Response to Will Obama increased taxes on wealthy include sale gain on my home: I understant that the proposed taxes on wealthy people will include a doubling of the tax rate on capital gains. We have lived in our house for almost 30 years and its sale is expected to be a huge part of our retirement. I can understand taxing people who make huge annual salaries but don't think it fair for people who have spent years paying off their mortgage to pay over 30% to the government when their house sells. Posted by tlinnj Unless the sale of your home brings you a NET GAIN of over $ 500,000 - then you need not worry about this tax. Net Gain means your profit. That is to say, what you paid for it 30 years ago + any repairs, maintenance, upgrades, etc. Then as the homeowner, a couple may receive up to $ 500,000 ($ 250,000 per individual in the couple) in tax free gain before it is taxed. Is that "NOT FAIR" now seen in a different light to you? I don't understand your reasoning with this statement: " I can understand taxing people who make huge annual salaries but don't think it fair for people who have spent years paying off their mortgage " - Sounds like you are pretty bigoted to me. Perhaps the person who made that huge annual salary worked very hard to get it, had lots of responsibilities, employed or managed many other employees and may have paid on a mortgage as long as you. Earning a high salary may not take as much brawn but it does take a whole lot of brain ! |
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Re: Will Obama increased taxes on wealthy include sale gain on my home
posted at April 19, 2012 8:50 AM EDT
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Posts: 12549
First: February 29, 2008 Last: June 16, 2013 |
In Response to Will Obama increased taxes on wealthy include sale gain on my home: I understant that the proposed taxes on wealthy people will include a doubling of the tax rate on capital gains. We have lived in our house for almost 30 years and its sale is expected to be a huge part of our retirement. I can understand taxing people who make huge annual salaries but don't think it fair for people who have spent years paying off their mortgage to pay over 30% to the government when their house sells. Posted by tlinnj I say don't create problems before they even arrive. Unless you are a millionaire don't worry.....and if you are a millionaire you have nothing much to worry about anyway. I sold my home when the capital tax rate was 28% and it didn't hurt much at all because of the deductions one is allowed to take. But then I'm one that never complained about paying my taxes ......just paid them and was happy to have all the things taxes provide us.
More than a third of the streetlights in Colorado Springs would go dark . The police helicopters go for sale on the Internet. The city would dump firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions would l go unfilled. Neighbors would be encouraged to bring their own lawn mowers to local green spaces, because parks workers are cut back. Nat'l parks would close much of the year. City recreation centers, indoor and outdoor pools, and a handful of museums will close for good March 31 unless they find private funding to stay open. Buses no longer run on evenings and weekends. No street paving, no interstate paving..... How are people supposed to live....we're not a 'Mayberry R.F.D.' anymore ANYWHERE. |
