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John Byrne
Grumpy Old Guy
Joined: 11 May 2005
Posts: 132240
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| Posted: 16 September 2019 at 6:51am | IP Logged | 1
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According to Zillow, my house has lost more than HALF its value in the 14 years I've been living here. A problem with buying at the peak of the market, I guess!Good thing I'm not planning on leaving any time soon!!
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Michael Penn
Byrne Robotics Member
Joined: 12 April 2006
Location: United States
Posts: 12429
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| Posted: 16 September 2019 at 7:34am | IP Logged | 2
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"John Byrne brings down property values"...!
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John Byrne
Grumpy Old Guy
Joined: 11 May 2005
Posts: 132240
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| Posted: 16 September 2019 at 7:53am | IP Logged | 3
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Hey, at least my inheritors won't get walloped with capital gains taxes like I was when I sold my previous house!!(There is something inherently WRONG with the system, when inflation is counted as capital gains!!)
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Michael Penn
Byrne Robotics Member
Joined: 12 April 2006
Location: United States
Posts: 12429
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| Posted: 16 September 2019 at 8:04am | IP Logged | 4
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It's appalling how costly home-owning, flipped into selling, can be. Yay! My home increased in value! Sure, more taxes now, but when I sell it...! (Don't celebrate so fast, buddy.)
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Vinny Valenti
Byrne Robotics Member
Joined: 17 April 2004
Location: United States
Posts: 8030
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| Posted: 16 September 2019 at 8:07am | IP Logged | 5
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Have your property taxes seen a significant decrease since you've bought it?
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John Byrne
Grumpy Old Guy
Joined: 11 May 2005
Posts: 132240
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| Posted: 16 September 2019 at 8:42am | IP Logged | 6
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Nope. Quite the opposite. With inflation counted as a taxable gain, I wonder how retirees make out. A thirty-something couple buy a house and live there for thirty-five years. Then they sell, with plans to use the increased value—typical of all the houses in their neighborhood—to retire. But along comes Uncle Sam demanding a big chunk of that money in capital gains taxes. Taxation is theft—and surely nowhere more than here!
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Michael Penn
Byrne Robotics Member
Joined: 12 April 2006
Location: United States
Posts: 12429
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| Posted: 16 September 2019 at 8:48am | IP Logged | 7
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My house has gone up by a modest accounting $300,000 in value over just the past decade. Taxes too, of course. I'm hit staying, and I'd be hit leaving.
(Disclosure: I live in New York, Nassau County, brutal, brutal taxes... and my state, punished by the GOP & Trump, capping at $10K the mortgage deduction.)
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Brian Hughes
Byrne Robotics Member
Joined: 15 June 2015
Location: United States
Posts: 292
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| Posted: 16 September 2019 at 9:45am | IP Logged | 8
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Here in Texas, we have had a mass influx of investors come in within the last ten years. They buy up all of the houses they can and rent them out. Property values have jumped massively in just the last three years. My house jumped $100,000 in value here and the property taxes are climbing accordingly.
Of course with all the houses being rentals around us,the lack of care for the appearance of the yard and surrounding area drops. So while the property values are rising, the appearance is taking a big hit.
The upside is there are more and better schools in the area as the taxes are actually getting put to good use. |
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Peter Martin
Byrne Robotics Member
Joined: 17 March 2008
Location: Canada
Posts: 15783
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| Posted: 16 September 2019 at 12:30pm | IP Logged | 9
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The US doesn't give you a tax break if it's your main residence? In the UK and Canada, a house is entirely exempt from CGT if it's your principal residence.
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Andrew Davey
Byrne Robotics Member
Joined: 27 April 2004
Location: United States
Posts: 1437
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| Posted: 16 September 2019 at 1:55pm | IP Logged | 10
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You are exempt from Federal Capital Gaines Tax for the first $250,000 (single) or $500,000 (married) of gains when selling your primary residence. (some limitations apply)
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Marc Foxx
Byrne Robotics Member
Joined: 16 April 2004
Location: United States
Posts: 5571
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| Posted: 16 September 2019 at 1:57pm | IP Logged | 11
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To the best of my knowledge (and I have to stress that I am but a lowly title insurance guy, and not a financial advisor, accountant or attorney), you have to file a 1099-S for the sale of real estate over $250,000.00 (if you file as single) or
$500,000.00 (married, filing jointly)...
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