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