Obama takes blame for unpopular reform
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#1 Sep 23, 2010
How come they never report about the additional tax you pay when you sell your home? Real nice to get ready to retire and down size and find out that the govt. wants a slice of my home sale. The president's media never bring these issue up.
#2 Sep 23, 2010
Why don't you elaborate on the tax that is paid upon home sales? What was the percentage of your sale and when did the laws regarding those taxes came into being? Taxes involving the sale of property have been in effect as far back as I can remember, but they are paid only on certain things and under certain circumstances. Your post made it seem as though you paid tax on the entire sale price of your home and that the tax was a result of something the current Administration put into effect. That doesn't seem possible. Were you really unaware all along of the tax ramifications of a home sale?
Have you ever made improvements to your home? Did you keep records of the money any improvements cost?
It seems strange that anyone would only find out about tax situations when they are about to retire and downsize. If you are downsizing, doesn't the cost of what you are downsizing to come into the picture too? Don't you have a number of years to purchase another primary home before the profit on the last home comes into play? I'd be interested to hear the response.
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