How much do you think the impact of the unindexed capital gain exclusion on the sale of a house plays a role (assuming you owned the house for five years and lived in it for at least two)? The exclusion has stayed at $500K for a couple (MFJ tax status) since it was set up in the late 90s. If they had indexed this figure to an annual inflation measure like so many other things in the tax code, might more “old”people who wish to downsize be tempted to sell their property to a younger family with kids and not have to worry about losing money to taxes?
Good question and I don't know the answer. For sure the super low rates of 2020 created mortgage lock where people don't want to sell and therefore give up a historically low mortgage. Capital gains limit could be reinforcing that.
In 2001, in tiny little neighborhood of Oakmont, we bought our house for $132,000. 25 years later, a comparable house across the street is on the market for $680K
Crazy
We have about 40 single family homes around town that’d be perfect starter homes.
4 families own them all and rent them out
One Funeral director made the switch after gobbling up properties w “insider” tips.
I guess it’s A way to get the heads up when homeowners are leaving their buffet first, I guess.
I assume The proliferation of rental properties hit after the 08 housing bust.
I bought my house, a very nice 3BR townhouse in the Virginia suburbs of D.C., for $160K in 1999. I could sell it as is for $550K today or, if I put some money into a few upgrades, at least $675K. The detached houses in my area are over $750K for the oldest ones and pushing $1M in newer subdivisions. And "newer" is still 20 years old. It is insane.
I love the cartoon!DEI sure went out the window on housing. Of course that was back when our government was not trying to spend our country into total debt.Could someone tell me how many trillions can we spend before we can can not service the debt we have on record.I really wish these pompous politician's would stop saying i am a conservative because that is a ridiculous lie.Just saying!
How much do you think the impact of the unindexed capital gain exclusion on the sale of a house plays a role (assuming you owned the house for five years and lived in it for at least two)? The exclusion has stayed at $500K for a couple (MFJ tax status) since it was set up in the late 90s. If they had indexed this figure to an annual inflation measure like so many other things in the tax code, might more “old”people who wish to downsize be tempted to sell their property to a younger family with kids and not have to worry about losing money to taxes?
Good question and I don't know the answer. For sure the super low rates of 2020 created mortgage lock where people don't want to sell and therefore give up a historically low mortgage. Capital gains limit could be reinforcing that.
In 2001, in tiny little neighborhood of Oakmont, we bought our house for $132,000. 25 years later, a comparable house across the street is on the market for $680K
Crazy
We have about 40 single family homes around town that’d be perfect starter homes.
4 families own them all and rent them out
One Funeral director made the switch after gobbling up properties w “insider” tips.
I guess it’s A way to get the heads up when homeowners are leaving their buffet first, I guess.
I assume The proliferation of rental properties hit after the 08 housing bust.
I bought my house, a very nice 3BR townhouse in the Virginia suburbs of D.C., for $160K in 1999. I could sell it as is for $550K today or, if I put some money into a few upgrades, at least $675K. The detached houses in my area are over $750K for the oldest ones and pushing $1M in newer subdivisions. And "newer" is still 20 years old. It is insane.
The neighboring house was built in 1885. Character and flaws like our house and home owners?
Pete are you saying the flaws are in the house or in the owners? 😁
Tragically flawed owner salvaged by a spouse with only one visible flaw… her taste in men
I love the cartoon!DEI sure went out the window on housing. Of course that was back when our government was not trying to spend our country into total debt.Could someone tell me how many trillions can we spend before we can can not service the debt we have on record.I really wish these pompous politician's would stop saying i am a conservative because that is a ridiculous lie.Just saying!