Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
yeahiknow3@lemmings.world 3 weeks agoI don’t have an error. If you buy a house for $200k (average price for houses in the US some years ago) and it now costs $500k (average price for houses in US today), this tax makes it LITERALLY impossible for you to sell your house and buy another one.
Wrufieotnak@feddit.org 3 weeks ago
That part is normal?
For real estate there is always a loss involved. Because multiple people and their work are involved and the state also wants their taxes of course. What you want seems to be ‘government not involved’ market of real estate and I’m not really a fan of unregulated markets. They tend to fuck us normal persons even more.
The discussion for this article is about downsizing the house and that is definitely possible, even after paying that tax.
yeahiknow3@lemmings.world 3 weeks ago
You think it’s normal to lock the US population into place, decrease house market liquidity, reduce inventory, and drive up prices?
Here’s what I think is normal: the primary home, traditionally the ONLY stock of wealth for the working and middle classes, should not be taxed. Period. Your second house should be taxed. Your third house should be taxed. Your stock holdings should be taxed. Your huge boat should be taxed. Not your home.