After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.
  • Philosoraptor [he/him, comrade/them]@hexbear.netEnglish
    38·
    11 months ago

    However, if those same $100,000 homebuyers lived for 37 years in an area that has seen enormous growth in home values — as is the case for many parts of California — and their home now sells for $2 million dollars, that’s nearly $1.9 million in profit, of which only $500,000 is excluded from taxes.

    The taxable gain of $1.4 million at 20% would mean those homeowners are facing a $280,000 tax bill. In a state like California with additional tax, the overall payment would be over $450,000.

    Oh woe is me, I only get to keep one million dollars of the money I made doing absolutely nothing except sitting on some capital. This is unfair and I am being oppressed.

    Get fucked.

  • AlkaliMarxist@hexbear.netEnglish
    31·
    11 months ago

    keeping an acceptable amount of profit from its sale

    On no, I might not get enough money for doing nothing.

  • EmmaGoldman [she/her, comrade/them]@hexbear.netEnglish
    30·
    11 months ago

    “waaaah capital gains tax waaaaaaaaaaahhhh”

    Go outside and do some graffiti or fire some random shots in the air. Do your part to lower real estate prices instead of whining about the government getting in the way of your million bucks for the house you want to sell to a massive corporation so they can turn it into a vacant investment vehicle or Airbnb.

    Turn part of the house into a granny flat and give the rest of the place to your kids. You can gift the house to your kid without taxes up to $13.61 million USD in value.

    • spectre [he/him]@hexbear.netEnglish
      6·
      11 months ago

      I expect these dipshits not to give a fuck, if the US had competent government they wouldn’t tax the sale of a personal home and maybe find that money (if they even need to) somewhere else

  • facow [he/him, any]@hexbear.netEnglish
    14·
    11 months ago

    “The exclusions are based on real estate values from many years ago,” said Poulsen. “None of it is indexed to inflation. A $250,000 per person exclusion? In a state like California that doesn’t quite do the job.”

    Oh no I’ve made too much money this isn’t fair