Congress now taxing the GROSS PROCEEDS of sale on your home!

[OohPooPahDoo]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:
http://www.usmessageboard.com/econo...nd-ayn-rand-type-economics-9.html#post7505695

In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

 

[deltex1]

I don't think anyone will respond for fear Obama is monitoring the conversation...

 

[National Socialist]

Wow,good thing I don't own a home and have no plans to buy one...

 

[RadioRefugee]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:


In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

I'm not a tax expert but...this sound very wrong and well worth checking with a reliable source.

 

[Vox]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:
http://www.usmessageboard.com/econo...nd-ayn-rand-type-economics-9.html#post7505695

In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

sounds a bit fishy to me. How is it 750K is your income when it is not?

 

[ShootSpeeders]

About 10 years ago IRS tried to make me pay income taxes on stocks i sold. If i bought say a 100 shares of XYZ company at $40 and sold it at $50, they said that was $5000 income not $1000 like i claimed and everyone knows. They told me that with every stock i sold that year and i did a lot of trading at the time so it was a huge bill. I told them the tax is on PROFIT not proceeds and i never heard from them again.

 

[whitehall]

Anybody who isn't aware of home sales and capital gains is a fool. The dumbest real estate agent will fill you in.

 

[Soggy in NOLA]

Thanks for the laugh...

 

[AmazonTania]

LMAO, nice! Creating strawmen for the loss! Great way to win debates I suppose. I never once stated that the entire proceeds from a home sale were taxed. I only stated that it counts as gross income in which is used to determine your income quintle.

http://www.usmessageboard.com/econo...d-ayn-rand-type-economics-10.html#post7506227

Of course if you aren't paying attention, you will easily be fooled but my job is already done. I already proved my point. Took bad he didn't prove his, or else he wouldn't be here looking for attention. You can talk among yourselves about what was said. Or rather what wasn't said. No point in discussing anything with anyone who isn't willing to keep it honest, and the only thing worse than a fool is the person still trying to debate him.

Peace.

 

[Soggy in NOLA]

LMAO, nice! Creating strawmen for the loss! Great way to win debates I suppose. I never once stated that the entire proceeds from a home sale were taxed. I only stated that it counts as gross income in which is used to determine your income quintle.

http://www.usmessageboard.com/econo...d-ayn-rand-type-economics-10.html#post7506227

Of course if you aren't paying attention, you will easily be fooled but my job is already done. You can talk among yourselves about what was said. Or rather what wasn't said. No point in discussing anything with anyone who isn't willing to keep it honest, and the only thing worse than a fool is the person still trying to debate him.

Peace.

That's what PooPooDooer does.... you save "ham sandwich", he goes off on a rant about Martians invading Pluto.

He's quite the piece of work.

 

[tyroneweaver]

wasn't the sales tax thingy part of the ACA

 

[Quantum Windbag]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:
http://www.usmessageboard.com/econo...nd-ayn-rand-type-economics-9.html#post7505695

In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

Anyone that listens to Krugman and doesn't dress in PVC is an idiot.

 

[Quantum Windbag]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:


In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

I'm not a tax expert but...this sound very wrong and well worth checking with a reliable source.

What do you expect from a fake astrophysicist, expertise in tax law?

 

[OohPooPahDoo]

I never once stated that the entire proceeds from a home sale were taxed.

You claimed that it counts as gross income under the law. The IRS taxes income that is income under the law. Maybe you hadn't heard of that.

I only stated that it counts as gross income in which is used to determine your income quintle.

But its only used to determine your income quintile by you. The rest of the world does not equate gross revenues with gross income.

 

[OohPooPahDoo]

LMAO, nice! Creating strawmen for the loss! Great way to win debates I suppose. I never once stated that the entire proceeds from a home sale were taxed. I only stated that it counts as gross income in which is used to determine your income quintle.

http://www.usmessageboard.com/econo...d-ayn-rand-type-economics-10.html#post7506227

Of course if you aren't paying attention, you will easily be fooled but my job is already done. You can talk among yourselves about what was said. Or rather what wasn't said. No point in discussing anything with anyone who isn't willing to keep it honest, and the only thing worse than a fool is the person still trying to debate him.

Peace.

That's what PooPooDooer does.... you save "ham sandwich", he goes off on a rant about Martians invading Pluto.

He's quite the piece of work.

AmazonTania claimed that gross proceeds of a home sale without subtracting the expense go into you gross income. I claim she is an idiot for saying that. I have no idea what it has to do with ham sandwichs and martians.

She thinks that if you buy a home for 500k today and sell it for 500k tomorrow, that means your gross income for the year is 500k and you therefore are in the top 1%.

 

[Politico]

Fail.

 

[LoneLaugher]

wasn't the sales tax thingy part of the ACA

Oh YES! Yes it was! You nailed it!

 

[Sallow]

ATTN: Homeowners - you may not be aware of this, but if you sell you home, even if you come in under the 250k capital gain limit and even if you haven't depreciated any of it (for instance if it was previously a rental) - you still owe taxes. This is a new revelation found in the tax code by one of the internets greatest minds. It works like this:

Say you buy your home for 500k and sell it for 750k. Your profit is 250k or less, so you owe no capital gains tax. However - you owe income tax on the 750k - because that is counted as gross income by the IRS.

This is something I wasn't aware of until I was told by AmazonTania. You can see where she explains it here:
http://www.usmessageboard.com/econo...nd-ayn-rand-type-economics-9.html#post7505695

In fact - this works with any asset! According to AmazonTania, if you buy an asset for $X, sell it at profit for $Y - you owe capital gains tax on Y-X (as we all already know) but you ALSO owe income tax on the $Y. This may sounds strange, but AmazonTania says that you are stupid if you don't realize this, so it must be true.

Yeah..but I think if you buy another house within a year..those taxes don't apply.

 

[rightwinger]

Sounds like bullshit.....but if its on the internet, it must be true

 

[CrusaderFrank]

It could actually come from cancellation of indebtedness income