Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
unmagical@lemmy.ml 2 weeks ago
Make $3,500,000 in profit and you get upset that you have to pay taxes on your 3.5x return on “investment.”
If you can’t cover <$1M in taxes from the sale of your $4.5M home maybe you should live within your means or get a roommate to help cover the bills like a normal person or something.
jj4211@lemmy.world 2 weeks ago
There’s an alternative out, and one I think most people would object more to from a fairness perspective.
Selling their house means they lose out on a ton of the value, so don’t sell, rent it out and have the current tax code coddle you because the tax code heavily favors being a landlord rather than selling the house.
It’s busted that we actively encourage people to lock property up as investment because using a house you own is more expensive not using a house you own.