Quote:
Originally Posted by baddog
So, if I sell one of my houses I have to pay a higher tax. Why? I believe you neglected to mention inheritance taxes are going up too.
I am sure there are others, but I really don't feel like arguing with a wall right now.
Maybe later.
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If it's investment property... yes... but you don't pay the tax on the whole amount of the sale in the case of Capital Gains tax... you only pay tax on the actual profit... at the same time you can offset those taxes with losses (like every investor does). If it's your primary residence and you haven't taken the one time tax exemption... then you won't pay ANY tax.