Just the threat of that coming down the line is enough to make a lot of investors pull out of the market. Great way to hammer the final nail into our economy's coffin.
I'm sitting on $1.1M in unrealized gains on my house in the middle of a Democrat shithole. With my luck I'll be looking at paying literally more than a make in a year in tax next year likely before values tank entirely and I'll never be able to pay it back.
Single family residence can only exempt $500,000 in gains and 1031 exchanges since 2017 don't apply to personal property.
I might just have to sell, take the gains and pain now, move to Texas and buy something that's already expensive.
Its worse, they want to cash in on the high asset values of today and when the economy crashes you still won't be able to recoup the taxes you paid on the unrealized gains until you dispose of the asset which now is at lower value. If they codify this terrible scheme they better exclude real estate or we are looking at a real mess.
Would that be a valid way to avoid liability to pay this proposed federal tax?
TX is high up on my list. But it seemed like this was a policy from which even TX wouldn't afford shelter.
Honestly I’m not sure. I don’t know enough about this proposed tax plan, I thought it was just for stock investments? In TX though you will pay quite a bit less on your property tax if you have an AG exemption compared to the accessed value if you didn’t.
Just the threat of that coming down the line is enough to make a lot of investors pull out of the market. Great way to hammer the final nail into our economy's coffin.
I'm sitting on $1.1M in unrealized gains on my house in the middle of a Democrat shithole. With my luck I'll be looking at paying literally more than a make in a year in tax next year likely before values tank entirely and I'll never be able to pay it back.
Single family residence can only exempt $500,000 in gains and 1031 exchanges since 2017 don't apply to personal property.
I might just have to sell, take the gains and pain now, move to Texas and buy something that's already expensive.
This is clearly a design to crash the economy no?
Its worse, they want to cash in on the high asset values of today and when the economy crashes you still won't be able to recoup the taxes you paid on the unrealized gains until you dispose of the asset which now is at lower value. If they codify this terrible scheme they better exclude real estate or we are looking at a real mess.
Or they are just greedy and will keep finding new ways to take and take until they kill the Golden Goose
i guarantee w/e house you pick will be cheaper than your current home
Pro tip: Buy a property with AG exemption in place. Run cattle. Become Texas Tycoon. 🤠
Would that be a valid way to avoid liability to pay this proposed federal tax? TX is high up on my list. But it seemed like this was a policy from which even TX wouldn't afford shelter.
Honestly I’m not sure. I don’t know enough about this proposed tax plan, I thought it was just for stock investments? In TX though you will pay quite a bit less on your property tax if you have an AG exemption compared to the accessed value if you didn’t.