Capital Gains taxes really piss me off

[HatchetHarry]

Parents are selling their beach house and because it’s not their primary residence they have to pay capital gains taxes on the profit. This is after paying real estate fees and everything.

Any real estate tax experts here? I lives there for 2 consecutive years in the last 5 years and received my mail there. Can they claim exemption if a family member used it as their primary residence?

 

[bobgeese]

You sound p....


Rich?

 

[jk7707]

2/10. Dump

 

[JohnnySagebrush]

You need to diversify your shtick, dude.

 

[HatchetHarry]

2/10. Dump

I’m actually serious

The cost of building the house is calculated at 200k and it’s selling for 350k so they have to pay 15% on the other 150 or so. It’s still money that is being unjustly taken. It’s not directly on the beach, it’s 1 street away. Property taxes there were over 10k a year and it started not being worth owning

 

[Fluffernutter]

But Warren Buffet pays less taxes than his secretary!

 

[GSP_37]

Parents are selling their beach house and because it’s not their primary residence they have to pay capital gains taxes on the profit. This is after paying real estate fees and everything.

Any real estate tax experts here? I lives there for 2 consecutive years in the last 5 years and received my mail there. Can they claim exemption if a family member used it as their primary residence?

You're not an owner, so no.

 

[GSP_37]

I’m actually serious

The cost of building the house is calculated at 200k and it’s selling for 350k so they have to pay 15% on the other 150 or so. It’s still money that is being unjustly taken. It’s not directly on the beach, it’s 1 street away. Property taxes there were over 10k a year and it started not being worth owning

What? It's an ascension of wealth, so yeah, IRS is getting a cut and state is too.

 

[jaredmc16]

Why wouldn't you have to pay taxes on a profit??

 

[Fire Belly]

You sound p....


Rich?

No, only poor people pay taxes.

TS, which country you in? In aus you can live in a property for 6 months and claim it as primary residence, meaning you don't have to pay CGT on the sale.

 

[bobgeese]

No, only poor people pay taxes.

TS, which country you in? In aus you can live in a property for 6 months and claim it as primary residence, meaning you don't have to pay CGT on the sale.

Murica

 

[xcvbn]

Good to see your parents have entrusted their bright young son to seek out tax professionals on a boxercising forum.

 

[welcometohavoc]

Parents are selling their beach house and because it’s not their primary residence they have to pay capital gains taxes on the profit. This is after paying real estate fees and everything.

Any real estate tax experts here? I lives there for 2 consecutive years in the last 5 years and received my mail there. Can they claim exemption if a family member used it as their primary residence?

Most people subject to capital gains tax don't even notice it.


I'm a red blooded American who believes in Capitalism but honestly I get tired of hearing about the plight of the rich man's taxes.

 

[HatchetHarry]

Most people subject to capital gains tax don't even notice it

That couldn’t be farther from the truth

 

[xcvbn]

Most people subject to capital gains tax don't even notice it.


I'm a red blooded American who believes in Capitalism but honestly I get tired of hearing about the plight of the rich man's taxes.

I'd be alright if individuals were given a lifetime exemption on maybe $100-200k in cap gains earnings. Lots of times otherwise poor people finally get into a little bit of money and taxes can greatly impact those lower amounts.

 

[Drenalin]

Yeah it's bullshit. And lunatic liberals will tell you that the government deserves that money.

 

[Fire Belly]

just sell it using bitcoin, convert it to a privacy coin then tell the government you got hacked and lost all your cryptos.


edit

ftr, I'm not being serious... don't really do this

 

[MadSquabbles500]

Cant they do the 1031 exchange? Basically use the profits to buy some other piece of RE within certain time, and not get hit with cap gains tax.

My company sold a building they own in dumpy part of NYC, and use that money to buy another one in the more yuppy/hipster/LGBT area where everyone has rich parents, and probably own beach homes too.

 

[D3thr0n3d K1ng]

Anti-slavery laws piss me off too brah!!!

What if I want to bang a slave wench or two!!!

 

[7437]

So they bought an asset, then sold that asset. Why shouldnt they pay taxes on that? its the basis of all taxation, and commerce in general.