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.
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.
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.
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.