2017 "Tax Reform": They'll Screw This Up Too, Right? - Page 57 - Politics and Economics

Should be the slogan of literally every Republican voter.

(even though for many of them it actually does impact their day-to-day life or bottom line, but they're too stupid to realize it)

12-02-2017 , 11:29 AM

#1402

Trolly McTrollson

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Join Date: Oct 2010 Posts: 36,989

Quote:

Originally Posted by raradevils

I live in NJ, it was pretty safe bet that my vote wasn't going to effect the general election. Being a libertarian it was the best play to make.

You defend pedophiles, STFU.

12-02-2017 , 11:37 AM

#1403

bobman0330

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I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

12-02-2017 , 11:37 AM

#1404

Huehuecoyotl

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Quote:

Originally Posted by David Sklansky

But if that is the more accurate analysis it means that those who have the more simplistic opinion will not be devising the optimum counter strategy.

I'm not so sure about that. The most simplistic opinion is that in order to win the left needs to organize and win. The more complex opinion opines about centrism and bipartisianship and reaching across the aisle, etc.

12-02-2017 , 11:38 AM

#1405

AllTheCheese

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Join Date: Nov 2007 Posts: 11,898

Quote:

Originally Posted by Trolly McTrollson

You defend pedophiles, STFU.

He already said he was libertarian.

12-02-2017 , 11:38 AM

#1406

AllTheCheese

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Join Date: Nov 2007 Posts: 11,898

Quote:

Originally Posted by bobman0330

I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

Sick baby and nice house humblebrag.

12-02-2017 , 12:02 PM

#1407

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

Quote:

Originally Posted by bobman0330

I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

Git r dun before this abomination takes effect?

Let us gogogogogo

12-02-2017 , 12:10 PM

#1408

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

Quote:

Originally Posted by bobman0330

I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

why?

12-02-2017 , 12:19 PM

#1409

microbet

Solar Powered

Join Date: Jan 2005 Posts: 57,075

Quote:

Originally Posted by bobman0330

I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

Super Congrats!

Build an addition? You in a 1 bd apartment?

12-02-2017 , 12:30 PM

#1410

bobman0330

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Quote:

Originally Posted by OmgGlutten!

why?

New bill requires a 5-year hold period to exclude gain on a primary residence. We’re flippers who have only been here for 4.

Quote:

Originally Posted by microbet

Super Congrats!

Build an addition? You in a 1 bd apartment?

Thanks. I think we can come up with some kind of remodeling plan that will work for us. We have space, but it’s in a townhouse so it’s all kind of laid out dumb.

12-02-2017 , 12:32 PM

#1411

Loki

binary duo

Join Date: Nov 2015 Posts: 12,772

Well, we'll all be hoping this falls apart in conference for you

12-02-2017 , 12:38 PM

#1412

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

japanese room divider!

12-02-2017 , 12:39 PM

#1413

microbet

Solar Powered

Join Date: Jan 2005 Posts: 57,075

Quote:

Originally Posted by bobman0330

New bill requires a 5-year hold period to exclude gain on a primary residence. We’re flippers who have only been here for 4.

Thanks. I think we can come up with some kind of remodeling plan that will work for us. We have space, but it’s in a townhouse so it’s all kind of laid out dumb.

Put the baby in your room (bed) for the first X months and then you'll meet the 5 year hold period.

Please read Love at Goon Park. It's short, well written, interesting, about experiments on monkeys in the 50s and the best book on parenting.

12-02-2017 , 12:41 PM

#1414

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

any update on how this effects earned income tax credits?

12-02-2017 , 01:39 PM

#1415

spidercrab

veteran

Join Date: Jun 2013 Posts: 3,206

Quote:

Originally Posted by bobman0330

Sell it to a relative and buy back to increase your cost basis?

12-02-2017 , 02:01 PM

#1416

goofyballer

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Quote:

Originally Posted by bobman0330

New bill requires a 5-year hold period to exclude gain on a primary residence. We’re flippers who have only been here for 4.

Wait, there are exemptions for homeowners to not have to pay taxes on gains in their home?? What was the law before this?! That blows my mind

12-02-2017 , 02:03 PM

#1417

spidercrab

veteran

Join Date: Jun 2013 Posts: 3,206

Quote:

Originally Posted by goofyballer

Wait, there are exemptions for homeowners to not have to pay taxes on gains in their home?? What was the law before this?! That blows my mind

This has been true effectively forever in some form or another.

12-02-2017 , 02:10 PM

#1418

microbet

Solar Powered

Join Date: Jan 2005 Posts: 57,075

Quote:

Originally Posted by goofyballer

Wait, there are exemptions for homeowners to not have to pay taxes on gains in their home?? What was the law before this?! That blows my mind

First $250k for a singleton, $500k for filing jointly. Since you're in SF that covers a few months worth of appreciation.

12-02-2017 , 02:54 PM

#1419

bobman0330

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Quote:

Originally Posted by spidercrab

Sell it to a relative and buy back to increase your cost basis?

I did consider this, but only in the context of selling to a relative and having them sell it on the market. Sale/buyback is not really a reportable position IMO. You also can't lease the house back because then it could become depreciable in the hands of the relative, in which case you potentially have various related-party rules kick in and it's not clear if the exclusion still applies.

12-02-2017 , 03:11 PM

#1420

microbet

Solar Powered

Join Date: Jan 2005 Posts: 57,075

Around here anyway the transfer fees would completely eat up anything you'd save by selling to a relative.

12-02-2017 , 03:15 PM

#1421

raradevils

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Quote:

Originally Posted by bobman0330

I need to move to have an extra bedroom for an impending baby, but under this new legislation I will owe $30k in taxes for selling my house. That is kind of a downer.

Congrats man. One of the greatest joys in life is to become a dad.

12-02-2017 , 03:23 PM

#1422

iron81

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The Twitter deplorables seem to take the position taxes = theft therefore all tax cuts are good.

12-02-2017 , 03:26 PM

#1423

raradevils

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Quote:

Originally Posted by goofyballer

Wait, there are exemptions for homeowners to not have to pay taxes on gains in their home?? What was the law before this?! That blows my mind

If you buy another house of equal or greater value within a certain time period and it's your primary residence you don't owe taxes. If you are over a certain age you get a one time exemption up to a certain dollar amount. Here in NJ if you sell the house and move out of state there is an 8% "wealth or exit" tax imposed (confiscated at the time of sale). You receive it back when you file taxes as long as you can prove that you lived here 6 months past the sell date.

12-02-2017 , 03:35 PM

#1424

microbet

Solar Powered

Join Date: Jan 2005 Posts: 57,075

Quote:

Originally Posted by raradevils

Existing rule on the federal $250k/$500k exemption is you have to have lived in the house 2 out of the last 5 years and you pretty much can't do it on more than one house in any 2 year period. No age restriction and it's not a one time deal.

You can exempt (delay) taxes on the profits from investment property with a 1031 exchange if you put the money into a new property.

12-02-2017 , 03:49 PM

#1425

raradevils

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Quote:

Originally Posted by microbet

"you can also subtract your full cost basis in the property from the sales price"

Read more: Is it true that you can sell your home and not pay capital gains tax? | Investopedia https://www.investopedia.com/ask/ans...#ixzz508QfWAmn
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You are correct with the rest of your statement.

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