Mickey7@lemmy.world to Lemmy Shitpost@lemmy.world · 3 days agoOwing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury youlemmy.worldimagemessage-square327fedilinkarrow-up1753
arrow-up1753imageOwing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury youlemmy.worldMickey7@lemmy.world to Lemmy Shitpost@lemmy.world · 3 days agomessage-square327fedilink
minus-squareRememberTheApollo_@lemmy.worldlinkfedilinkarrow-up6·2 days agoSeconded. This is inaccessible net worth. It is useless to someone who cannot take advantage of it. Sale would incur capital gains, which would be significant, and finding another property to live in would be just as unaffordable.
minus-squareglockenspiel@programming.devlinkfedilinkarrow-up1·1 day agoNo. Capital gains taxes are not taken from your residence. …does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up2·1 day agoCapital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint. https://www.irs.gov/taxtopics/tc701
Seconded. This is inaccessible net worth. It is useless to someone who cannot take advantage of it. Sale would incur capital gains, which would be significant, and finding another property to live in would be just as unaffordable.
No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
Capital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint.
https://www.irs.gov/taxtopics/tc701