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T or F: LTCG on a primary residence are not taxed because CapEx > the LTCG
| deep indigo school | 06/21/22 |
| deep indigo school | 06/21/22 |
| Lascivious Orange Step-uncle's House Stock Car | 06/21/22 |
| deep indigo school | 06/21/22 |
| deep indigo school | 06/21/22 |
| deep indigo school | 06/22/22 |
| Know-it-all gas station sweet tailpipe | 05/10/24 |
Poast new message in this thread
Date: June 21st, 2022 10:12 PM Author: deep indigo school Basically the IRS figures if it’s your primary residence you’ll spend money on repairs, remodel, painting, etc. so it’s not worth it to force homeowners to file a schedule with their taxes. Also there’s the added benefit that many homeowners will simply forget about their CapEx if they don’t have to file a schedule and then they will think that they made money on their house if the sales price exceeds the purchase price. Then, post-sale they will be more likely to double down on another SFH to restart the cycle. This policy encourages consumer spending which stimulates the economy and thereby generates more tax receipts downstream. |
Date: June 21st, 2022 10:27 PM Author: deep indigo school (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2...id#44720854) |
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Date: June 21st, 2022 10:28 PM Author: Lascivious Orange Step-uncle's House Stock Car They also want to encourage people to move around for jobs.
But mostly, it's just a sneaky way to give a tax break to UMC types. |
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Date: June 21st, 2022 10:30 PM Author: deep indigo school I hadn’t thought too much about the job angle. I guess that makes a lot of sense. This policy also hides the sting of those closing costs. (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2...id#44720871) |
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Date: June 21st, 2022 10:49 PM Author: deep indigo school (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2...id#44721031) |
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Date: June 22nd, 2022 8:06 AM Author: deep indigo school (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2...id#44722322) |
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Date: May 10th, 2024 11:36 PM Author: Know-it-all gas station sweet tailpipe (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2...id#47652586) |