And will make a 3.5 million dollar profit from that transaction.
Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
Delphia@lemmy.world 3 weeks agoAlso 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 2 weeks ago
Delphia@lemmy.world 2 weeks 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 3 weeks 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…