Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion

ur_ONLEY_freind@lemmy.zip ⁨7⁩ ⁨months⁩ ago

• Ajen@sh.itjust.works ⁨7⁩ ⁨months⁩ ago

  The first $500k is taxed at a lower rate, so they’re actually be making more than that on the sale.

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• ReluctantMuskrat@lemmy.world ⁨7⁩ ⁨months⁩ ago

  Agreed… this couple isn’t hurting either way.

  However as they said the limit hasn’t changed in almost 20 years. For most older people in America their home is the single most valuable possession and what many have to sell when they are unable to care for themselves and have to go into some kind of care facility. For people living in a HCOL area, their home can easily be many times more valuable than their savings and their primary or only asset of significant value, and a $1M house is a starter home.

  It make sense for the limits to be increased, but the couple that’s the subject of this article doesn’t deserve anyone getting teary-eyed.

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  • AA5B@lemmy.world ⁨7⁩ ⁨months⁩ ago

    Yeah that exemption always seemed pretty high, but as a newly single person (where the exemption is cut in half) in a high cost of living state where home prices have been rising excessively, and I’ve owned my home long enough to raise kids (and increase value a lot) …… yeah it’s easier to see the other side. I’m ok but far from wealthy, and need to downsize in order to afford retiring, but would also be hit by capital gains.

    Given what home prices have been doing and this exemption never changing, it’s no longer realistic. Now it’s not just the wealthy

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    • Ledivin@lemmy.world ⁨7⁩ ⁨months⁩ ago

      I’m all for increasing the limit and also increasing the tax rate. Costs have gone up, period, but that doesn’t mean rich schmucks shouldn’t still be paying more

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• Chainweasel@lemmy.world ⁨7⁩ ⁨months⁩ ago

  2.8 million dollars is more than most people have the ability to save for retirement in the first place.
  They want us to cry for them because their payout from a single asset after tax is more than the average middle class retirement account?
  Get fucking real, if anything this makes me think the capital gains tax is too low for their bracket.

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• Fredselfish@lemmy.world ⁨7⁩ ⁨months⁩ ago

  Also at their age they could live on that money until they die. I hope an earthquake takes out the home making it worthless. Fucking greedy bastards. They are Fucking 71.

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  • HeyThisIsntTheYMCA@lemmy.world ⁨7⁩ ⁨months⁩ ago

    at my age i can live on that money until i die and i’m much younger.

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