If you've paid property taxes on your home for the duration of your mortgage, you've already been defacto taxed on unrealized gains, with no recompense if the market goes to shit.
Which is exactly where I’m at, paid for a new home and the neighborhood went to shit, can’t sell it without a 60k hit after agents commissions, closing cost to buyer, paying my own closing costs. And I get to pay $4000 a year in taxes while losing $400 a month by renting it out. Fuck Jerome Powell, he can’t be gone soon enough.
The flip side of that is that those who pay a mortgage get to deduct the interest from their taxable income thereby reducing their tax burden. That said, I would like to see an elimination of capital gains. It would be a huge boost to the real estate market, along with a reduction in interest rates.
Why you have to pay capital gains tax on home sales? That's literally socialism. Not even here in Finland you need to pay that except in a certain situations (if you buy, renovate and sell houses).
Typical boomer move, now they don’t want to pay taxes on their ridiculous paper gains on properties they bought for pennies. I’m so sick of a Babylonian money magic economy.
Its harder to celebrate these wins. Realizing these changes are being pushed by the corporations bc they own so many properties now, it's in THEIR benefit.
We need to continue to pay property taxes in order to keep the quality schools and great roads. oh, what? Let me put it another way…… how much more do I need to pay for quality schools and great roads?
This is a tax that only rich people pay. If you live in the house for 2 years and the gain is less than $500,000 you pay $0 in taxes. I bought my last house for $500k and sold it for $900k after 10 years. I paid $0 in taxes on that $400k gain.
I’m all for reducing everyone’s taxes, but this is not going to help many people.
If you've paid property taxes on your home for the duration of your mortgage, you've already been defacto taxed on unrealized gains, with no recompense if the market goes to shit.
Aww c'mon....Now that's not fair...
Just think about that top quality education your kids are getting in government schools!
Where else is a 3rd grader going to learn all about rimming and dental dams?
The godless have really fkd this world up royal...
Mmm those go to the state or school district.
This is on the income (taxed) that you have accumulated (paint tax on the interest). Then someone paid a tax on the transfer when you bought it.
I really think DJT knows what he needs to make from Tariffs in order to eliminate Income Tax and he is wheeling and dealing to get it...
It's just trading one tax for another.
House service fees should be itemized and not linked to property value.
Society used to work with much slimmer taxes. Drain the swamp.
Never hear about property taxes funding jail
Which is exactly where I’m at, paid for a new home and the neighborhood went to shit, can’t sell it without a 60k hit after agents commissions, closing cost to buyer, paying my own closing costs. And I get to pay $4000 a year in taxes while losing $400 a month by renting it out. Fuck Jerome Powell, he can’t be gone soon enough.
The flip side of that is that those who pay a mortgage get to deduct the interest from their taxable income thereby reducing their tax burden. That said, I would like to see an elimination of capital gains. It would be a huge boost to the real estate market, along with a reduction in interest rates.
I sell cars, The government makes more money on every car sold than the dealership does.
A lot of people don't realize how much taxes are built into the prices of everything we pay for.
Sane with gas and tobacco products.
The Government doesn't have to pay to build the car or cover overhead....
Corporations should be banned from buying single home residences
That sounds like a difficult thing to actually regulate.
Why you have to pay capital gains tax on home sales? That's literally socialism. Not even here in Finland you need to pay that except in a certain situations (if you buy, renovate and sell houses).
The gain in value is inflation, which the government caused. There is no real gain that should be taxed!
https://x.com/GuntherEagleman/status/1943373274672451935
Mandate that state & local can't tax either
Typical boomer move, now they don’t want to pay taxes on their ridiculous paper gains on properties they bought for pennies. I’m so sick of a Babylonian money magic economy.
They need to increase the taxes on anyone who isn't a citizen.
But we have representation.... smfh.
Its harder to celebrate these wins. Realizing these changes are being pushed by the corporations bc they own so many properties now, it's in THEIR benefit.
We need to continue to pay property taxes in order to keep the quality schools and great roads. oh, what? Let me put it another way…… how much more do I need to pay for quality schools and great roads?
This is a tax that only rich people pay. If you live in the house for 2 years and the gain is less than $500,000 you pay $0 in taxes. I bought my last house for $500k and sold it for $900k after 10 years. I paid $0 in taxes on that $400k gain.
I’m all for reducing everyone’s taxes, but this is not going to help many people.
Yeah, similar bills have been proposed pretty much every single session since the 1960s.
Guess how many of them have actually passed. Go ahead. Guess.
Yeah the one way taxation is bullshit.