Comment on This boomer couple would be hit with $700,000 tax bill if they sold their mansion
ReluctantMuskrat@lemmy.world 1 week agoAgreed… 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.
AA5B@lemmy.world 1 week 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
Ledivin@lemmy.world 1 week 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