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Old 12-08-2017, 06:46 AM   #26
TheElusiveKyleOrton
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Originally Posted by DenverBroncosJM View Post
After you pay the realtor and closing you are going to be out at least another 20k. I don’t know you situation but selling seems like a bad idea.
It wasn’t a bad idea before this tax issue.

Rob the middle class. Give the benefits to the rich.

Then advise the middle class on what “seems like a bad idea.”

Beautiful.
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Old 12-08-2017, 07:29 AM   #27
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Old 12-08-2017, 07:46 AM   #28
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Quote:
Originally Posted by TheElusiveKyleOrton View Post
It wasn’t a bad idea before this tax issue.

Rob the middle class. Give the benefits to the rich.

Then advise the middle class on what “seems like a bad idea.”

Beautiful.
First of all if you have lived in your house for less than 2 years and have 50K in equity good for you but if you pay any tax on the gain your are the the type of sheep the IRS loves to shear.


The gain is actually your home's selling price, minus deductible closing costs, selling costs, and your tax basis in the property. Your basis is the original purchase price, plus purchase expenses, plus the cost of capital improvements.

Examples of selling costs include real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, escrow fees, and inspection fees.

So fixing the place up for the sale, and adding all your fees and additional costs would mean you'd owe no capital gains tax at all.

Do you have a friend that has rental property ask him for advice, it’s not that hard to beat the IRS, after all most of the tax agents are Democrats.
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Old 12-13-2017, 08:36 AM   #29
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http://www.9news.com/news/local/veri...ales/498984523

More than just the cost to us, this is going to drastically affect inventory. In a city where the inventory is already really low. Driving up prices further.

If I lose 15k in taxes, that's 150k less in buying power. That's a significant difference.
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Old 12-14-2017, 11:01 AM   #30
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Old 12-14-2017, 11:53 AM   #31
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That’s great, but I’m not sure it has anything to do with real estate cap gains.
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Old 12-15-2017, 08:40 AM   #32
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I was flying to Durango last night for work, and who should be on the plane but CD 3 Congressman Scott Tipton! After a couple 1554s and some marginal fish and chips at the New Belgium bar at the far reaches of Concourse B, I sat down and expressed my concern with how this bill is going to destroy the middle class. How buying and selling property -- with reasonable restrictions on flipping -- has worked for years, and changing that is going to bend a lot of us over.

As expected, he grinned, didn't say much other than "yeah but you're going to save on the back end!" When I explained to him that, at most, we'd be breaking even, and wouldn't actually bank any equity, he just nodded, said he'd take another look at that provision, and went to sit in his first class seat on the plane.

Nice guy. Not terribly bright. But at least I know he heard me.
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Old 12-15-2017, 08:52 AM   #33
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Trumpkins: "Where's the downside?"

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Old 12-15-2017, 08:53 AM   #34
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Old 12-15-2017, 08:23 PM   #35
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Let's play jeopardy -

Two memes posted back to back and can be found on facebook?

Last edited by DenverBroncosJM; 12-15-2017 at 08:26 PM..
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