Do you plan to retire some day? Here is a kiss for you!

[MarAzul]

You may well want to move to a smaller home when you retire. Here is a little kiss in the Obama
care act for you. A friggin tax of 3.8% on the sale of your property.


http://www.forbes.com/sites/carolynmcclanahan/2012/01/31/taxes-and-the-aca-home-sales-killer/

 

[BLAZER PROPHET]

This was debated before Obamacare became law. It's a crap part of Obamacare and I guarantee you will go much higher.

 

[julius]

did either of you actually read the link?

If you're a single person, the first 250K isn't taxed, and if you're married, the first 500K. And that's if you make over 200K as an individual, or 250K as a couple.

Which means, the VAST majority of us won't have this tax.

 

[KeepOnRollin]

Are you people very well off? If not then this will not be affecting you personally.

 

[BLAZER PROPHET]

did either of you actually read the link?

If you're a single person, the first 250K isn't taxed, and if you're married, the first 500K. And that's if you make over 200K as an individual, or 250K as a couple.

Which means, the VAST majority of us won't have this tax.

Look, STOP spoiling a good opportunity to crack the dems.

 

[julius]

Look, STOP spoiling a good opportunity to crack the dems.

Oh come on now, there are PLENTY of opportunities to crack on Dems (and Republicans) without making stuff up.

 

[MarAzul]

did either of you actually read the link?

If you're a single person, the first 250K isn't taxed, and if you're married, the first 500K. And that's if you make over 200K as an individual, or 250K as a couple.

Which means, the VAST majority of us won't have this tax.

Very short sighted of you. When you own a home, the sale of the home alone can push over the limit for that year. Geez, I wish you young fellas would grow up.

 

[BLAZER PROPHET]

Oh come on now, there are PLENTY of opportunities to crack on Dems (and Republicans) without making stuff up.

True, but it's more fun to just make it up. Right, PaPaG? I said, right, PaPaG? PaPaG? PaPaG?

 

[julius]

Very short sighted of you. When you own a home, the sale of the home alone can push over the limit for that year. Geez, I wish you young fella would grow up.

Um, that's not how it works. Again, did you read the link you provided?

Especially this part?

So how does this affect the sale of home?

Currently, when a person sells a home they have lived in longer than 2 years, they can exclude the first $250,000 of gains. A couple can exclude the first $500,000 of gains. For example, if a couple has a $1,000,000 home with $600,000 of gains, they would have to pay the 3.8% tax on only $100,000 of the gain. Given that very few people are sitting on large gains right now and the majority of home sales (not just gains) are for less than $250,000, this tax will hit truly only a small number of people.

Hate to break it to you, but most people do not live in houses that are worth 500K.

The average income is about 50K (per household). That means if the person is single, they'd have to sell a house for a gain of 200K above the 250K threshold. That means they'd be living in a relatively nice house.

Or a married couple would have to sell their house for what...450K above half a million dollars (I think? my math might be fuzzy)??

 

[julius]

True, but it's more fun to just make it up. Right, PaPaG? I said, right, PaPaG? PaPaG? PaPaG?

I think he's in a penalty box of some sort.

 

[MarAzul]

Um, that's not how it works.

Really? Well let's hear it. How does it work? I built my house about 18 years ago for $150,000. I cut the lumber and pounded the nails. I suppose I would get about $900,000 for it now.
My healthcare plan was dropped by my prior employer because of the new taxes on that coverage. So I may need to sell the house to pay the bills for my wife.
Go for it, tell me how to skip this 3.8% new tax.

 

[BLAZER PROPHET]

I think he's in a penalty box of some sort.

I was being immature.

And loving it.

 

[julius]

Really? Well let's hear it. How does it work? I built my house about 18 years ago for $150,000. I cut the lumber and pounded the nails. I suppose I would get about $900,000 for it now.
My healthcare plan was dropped by my prior employer because of the new taxes on that coverage. So I may need to sell the house to pay the bills for my wife.
Go for it, tell me how to skip this 3.8% new tax.

Anecdotal proof is always fun!

your situation, which I doubt is nearly as accurate as you are saying, isn't average.

 

[maxiep]

did either of you actually read the link?

If you're a single person, the first 250K isn't taxed, and if you're married, the first 500K. And that's if you make over 200K as an individual, or 250K as a couple.

Which means, the VAST majority of us won't have this tax.

I bet if you lived in LA, Chicago, NY or DC you'd be singing quite a different tune. At those levels, you're not very well off.

 

[maxiep]

Are you people very well off? If not then this will not be affecting you personally.

Ah, I get it. If it doesn't affect you, then you're cool with it. How about a moron tax? SlyPokerDog can pay through the nose and I'll laugh and laugh.

 

[maxiep]

By all means, keep punishing achievement and encouraging people to sit on their ass. There's always more money to tax. Just ask Detroit.

 

[maxiep]

Anecdotal proof is always fun!

your situation, which I doubt is nearly as accurate as you are saying, isn't average.

Wanna bet? How many elderly people do you think bought their house for relative pennies, paid off the mortgage and think of it as their nest egg for retirement? That position describes pretty much the entire community in which I was raised.

 

[MarAzul]

Anecdotal proof is always fun!

your situation, which I doubt is nearly as accurate as you are saying, isn't average.

I am convinced, the moron tax as maxiep suggest is right for SlyPokerDog.

 

[MarAzul]

Anecdotal proof is always fun!

your situation, which I doubt is nearly as accurate as you are saying, isn't average.

On second thought SlyPokerDog is a fucking moron, with or without the tax. Now that might be worthy of being banned but, It is straight truth.

 

[KeepOnRollin]

Ah, I get it. If it doesn't affect you, then you're cool with it. How about a moron tax? SlyPokerDog can pay through the nose and I'll laugh and laugh.

I wasn't defending it. It was a simple question. I guess some of you are that well off.

 

[Further]

On second thought SlyPokerDog is a fucking moron, with or without the tax. Now that might be worthy of being banned but, It is straight truth.

Is papag sitting on your lap?

 

[MarAzul]

Is papag sitting on your lap?

Step right up! Morons being serviced.

 

[Further]

Step right up! Morons being serviced.

So what, you are going to try to be a martyr on a message board? Ok, have fun.

 

[MarAzul]

So what, you are going to try to be a martyr on a message board? Ok, have fun.

Heavens no, but I do think a list of morons that support this level of shit may come in handy some day.

 

[ehizzy3]

paging slypokerdog

 

[MickZagger]

Heavens no, but I do think a list of morons that support this level of shit may come in handy some day.

Move to Canada then. The "list of morons" you're talking about is your country who voted for Obama and essentially Obamacare.

 

[maxiep]

paging slypokerdog

[video=youtube;cNkp4QF3we8]

 

[julius]

I bet if you lived in LA, Chicago, NY or DC you'd be singing quite a different tune. At those levels, you're not very well off.

Bullshit. Abosolutely bullshit.

 

[julius]

Wanna bet? How many elderly people do you think bought their house for relative pennies, paid off the mortgage and think of it as their nest egg for retirement? That position describes pretty much the entire community in which I was raised.

You're telling me there are loads of retirees who have homes worth well over 500K?

Again, anecdotal evidence doesn't prove you right.

 

[julius]

Ah, I get it. If it doesn't affect you, then you're cool with it. How about a moron tax? SlyPokerDog can pay through the nose and I'll laugh and laugh.

There's the smug and condescending SlyPokerDog I was expecting in the papag thread.

you stay classy sly.