General Category > Economy/Business
Milton Friedman’s Revenge
thackney:
--- Quote from: Cyber Liberty on May 08, 2021, 04:52:15 pm ---If you haven't occupied the dwelling for 5 years, you will be taxed on the capital gains. :shrug:
--- End quote ---
@Cyber Liberty @skeeter
You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you are single and $500,000 if married filing jointly.
This exemption is only allowable once every two years.
You can add your cost basis and costs of any improvements you made to the home to the $250,000 if single or $500,000 if married.
https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
sneakypete:
--- Quote from: DB on May 10, 2021, 12:44:57 am ---With high inflation cash is not the thing to hold.
--- End quote ---
@DB
Since MY smartest "investments" were in drugs,Harley parts,and guns,I PROBABLY ain't the guy to ask for investment advise,but it occurs to me there is no such critter as a "good investment" as long as globalists/communists control the economy. If they declare your waterfront mansion is worth 15 cents,that is what the government will pay you for it when they seize it so our masters have privacy while relaxing.
Under a communist/socialist government,you have all the rights the government is willing to allow you to have.
IsailedawayfromFR:
--- Quote from: DB on May 10, 2021, 12:44:57 am ---With high inflation cash is not the thing to hold.
--- End quote ---
Holding only cash is not the thing to hold.
skeeter:
--- Quote from: thackney on May 10, 2021, 12:53:13 am ---@Cyber Liberty @skeeter
You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you are single and $500,000 if married filing jointly.
This exemption is only allowable once every two years.
You can add your cost basis and costs of any improvements you made to the home to the $250,000 if single or $500,000 if married.
https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
--- End quote ---
Yes it’s every two years, but unfortunately we’ve been here only one. We do have some improvements to deduct though. Thanks!
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