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| Political Threads This section is for Political Threads - Enter at your own risk. If you say you don't want to see what someone posts - don't read it :hihi: |
06-07-2011, 03:12 PM
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#1
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Registered User
Join Date: Oct 2003
Location: Bethany CT
Posts: 2,877
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for real estate it is 3.8% tax on real estate profits over $500,000 on the portion above $500,000. So if you sell your house and make a PROFIT of 525,000. You would pay a tax of 3.8% on $25000. So basically, you make $525000 in profits and pay $1000 in taxes on that.
The way to feed the anger is to distort reality. It is seen time and time again in this forum, typically in the original post before the details come out.
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No, no, no. we’re 30… 30, three zero.
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06-07-2011, 03:17 PM
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#2
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Registered User
Join Date: Jul 2004
Posts: 10,200
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Quote:
Originally Posted by zimmy
for real estate it is 3.8% tax on real estate profits over $500,000 on the portion above $500,000. So if you sell your house and make a PROFIT of 525,000. You would pay a tax of 3.8% on $25000. So basically, you make $525000 in profits and pay $1000 in taxes on that.
The way to feed the anger is to distort reality. It is seen time and time again in this forum, typically in the original post before the details come out.
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The $500K is for couples. $250K for single filers. |
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06-07-2011, 03:19 PM
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#3
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sick of bluefish
Join Date: Aug 2003
Location: TEXAS
Posts: 8,672
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Quote:
Originally Posted by zimmy
for real estate it is 3.8% tax on real estate profits over $500,000 on the portion above $500,000. So if you sell your house and make a PROFIT of 525,000. You would pay a tax of 3.8% on $25000. So basically, you make $525000 in profits and pay $1000 in taxes on that.
The way to feed the anger is to distort reality. It is seen time and time again in this forum, typically in the original post before the details come out.
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No one distorted reality in this thread. I posted the details, 3rd reply. But, all of this was HIDDEN in the healthcare bill. More sneaky crap they rammed in. most people are not aware. |
making s-b.com a kinder, gentler place for all 
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06-07-2011, 03:36 PM
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#4
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Registered User
Join Date: Jul 2004
Posts: 10,200
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Quote:
Originally Posted by RIJIMMY
No one distorted reality in this thread. I posted the details, 3rd reply. But, all of this was HIDDEN in the healthcare bill. More sneaky crap they rammed in. most people are not aware.
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Sure your response was distorted.
The original post said that on a 400K house the tax was $12K.
That is not true. There is atleast a $250K deduction for capital gains (assuming a singe filer). So at the most the tax would be only on $150K (and that still would ignore the original cost of the house).
Anyone- If I'm not correct pls. correct me as I'm not an accountant.
You replied "pretty much true" |
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06-07-2011, 07:41 PM
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#5
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Registered Grandpa
Join Date: Nov 2003
Location: east coast
Posts: 8,592
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Quote:
Originally Posted by zimmy
for real estate it is 3.8% tax on real estate profits over $500,000 on the portion above $500,000. So if you sell your house and make a PROFIT of 525,000. You would pay a tax of 3.8% on $25000. So basically, you make $525000 in profits and pay $1000 in taxes on that.
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Don't worry with the real estate market the way it is and the way it's headed the house bought for $500,000 will sell for $375,000 if your lucky.
Should be able to write it off as a loss. Ya right. |
" Choose Life "
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06-07-2011, 08:47 PM
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#6
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Registered User
Join Date: Oct 2003
Location: Bethany CT
Posts: 2,877
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Quote:
Originally Posted by justplugit
Don't worry with the real estate market the way it is and the way it's headed the house bought for $500,000 will sell for $375,000 if your lucky.
Should be able to write it off as a loss. Ya right.
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ain't that the truth. it's already that way here. |
No, no, no. we’re 30… 30, three zero.
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