Enough that they shouldn’t fucking care.
Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
Taleya@aussie.zone 5 days ago
Capital gains tax of up to 20%.
What’s 5x 700,000 ?
surewhynotlem@lemmy.world 5 days ago
Gumbyyy@lemmy.world 5 days ago
Yeah, and the tax is only on the profit they make, not the entire selling price.
pneumaticFax@lemmy.world 5 days ago
And any capital improvements will lower that ‘profit’ too. So anything from a new water heater to a new roof can be used to raise the cost basis of the home lowering the tax paid.
AA5B@lemmy.world 4 days ago
Both of those examples are “regular maintenance” that aren’t legally capital improvements
At least as importantly , who tracks this stuff for the decades you might live in a house. I always thought this exemption was good in fairness alone: as someone just trying to live, I’m unlikely to keep the decades of paperwork needed for this, whereas a wealthy person with an accountant or business manager would
AA5B@lemmy.world 4 days ago
Yeah but profit is just how long you’ve lived there
TammyTobacco@sh.itjust.works 5 days ago
“The Friedmans finally put their house on the market in May for nearly $4.5 million”
Cry me a fucking river, boomers.