3.5 million is the increase in value over what they paid. That means they were making well over $100,000 every year for the past three decades, and they are complaining about paying cap gains.
Fucking Boomers.
Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
november@lemmy.vg 7 months ago
In other words, their house would sell for at least 3.5 million. Where exactly is the problem?
blitzen@lemmy.ca 7 months ago
Delphia@lemmy.world 7 months ago
Also capital gains on a primary residence should decrease somewhat over time.
These arent property speculators or people buying and parking empty homes. They are people who bought a house, lived in the community, probably raised a family and didnt move for 30 years and now want to downsize.
logi@lemmy.world 7 months ago
And will make a 3.5 million dollar profit from that transaction.
Delphia@lemmy.world 7 months ago
And?
If they have to pay taxes on that profit as if this was a business venture or investment they should be allowed to deduct 30 years of maintenance costs and loan interest as business expenses.
jj4211@lemmy.world 7 months ago
Ironically a property speculator could dodge this tax by buying a replacement property thanks to like-kind exemptions offered to investors but not private homeowners…
frezik@lemmy.blahaj.zone 7 months ago
Also, fucking Business Insider for running this obvious tripe.
Not surprising from an outlet created by DoubleClick founders and a guy who is barred from exchanges due to securities fraud.
Pogogunner@sopuli.xyz 7 months ago
They don’t want to contribute to society, even at a lower rate than wagies.
psx_crab@lemmy.zip 7 months ago
This is exactly the problem.