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T or F: LTCG on a primary residence are not taxed because CapEx > the LTCG
| Spectacular Partner | 06/21/22 |
| Spectacular Partner | 06/21/22 |
| Vigorous Aquamarine Philosopher-king | 06/21/22 |
| Spectacular Partner | 06/21/22 |
| Spectacular Partner | 06/21/22 |
| Spectacular Partner | 06/22/22 |
| submissive frisky dog poop | 05/10/24 |
Poast new message in this thread
Date: June 21st, 2022 10:12 PM Author: Spectacular Partner 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: Spectacular Partner (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2#44720854) |
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Date: June 21st, 2022 10:28 PM Author: Vigorous Aquamarine Philosopher-king 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: Spectacular Partner 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#44720871) |
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Date: June 21st, 2022 10:49 PM Author: Spectacular Partner (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2#44721031) |
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Date: June 22nd, 2022 8:06 AM Author: Spectacular Partner (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2#44722322) |
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Date: May 10th, 2024 11:36 PM Author: submissive frisky dog poop (http://www.autoadmit.com/thread.php?thread_id=5136296&forum_id=2#47652586) |