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Re: Inflation and Home Values
[Re: MnMan]
#7529957
03/16/22 05:05 PM
03/16/22 05:05 PM
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Joined: Dec 2021
Posts: 828
Indiana
CaseXX
trapper
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trapper
Joined: Dec 2021
Posts: 828
Indiana
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Doug I believe in your case the first 250,000 dollars in profit would be free of capital gains tax. I know that , Steven. Let's just say. i have a net profit of $700,000.00 . that would still leave me with $450,000. to pay taxes on. There is no consideration taken for inflation from 1972 until now either. The only way to avoid those taxes would be to buy more expensive or equal property within two years. I would be looking to buy less expensive property but still something with some acreage and privacy so finding something within the price range of what I would have left over would be tough in this part of the state.. Don't know if this helps, and you may already be aware ( looks like you may), but you could look at IRS code 1031 (I believe) sometimes known as a starker exchange. I've used it in the long ago to avoid a large tax hit. JMO. Case
Rules:
Col. Jeff Cooper #1for a gunfight
Gibbs. #9 always carry a knife
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Re: Inflation and Home Values
[Re: Gary Benson]
#7529959
03/16/22 05:06 PM
03/16/22 05:06 PM
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Joined: Jan 2007
Posts: 17,853
MN
160user
trapper
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trapper
Joined: Jan 2007
Posts: 17,853
MN
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So if you're single, get married with a prenuptial agreement, sell the house, divorce, save $250000, pay the gal a finders' fee. Unless you decide to keep her. Prenups aren't all they are cracked up to be. Ask me how I know.............
I have nothing clever to put here.
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Re: Inflation and Home Values
[Re: 160user]
#7529962
03/16/22 05:08 PM
03/16/22 05:08 PM
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Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
Gary Benson
trapper
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trapper
Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
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So if you're single, get married with a prenuptial agreement, sell the house, divorce, save $250000, pay the gal a finders' fee. Unless you decide to keep her. Prenups aren't all they are cracked up to be. Ask me how I know............. No sense in rubbing salt in the wound......ouch man...
Life ain't supposed to be easy.
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Re: Inflation and Home Values
[Re: MnMan]
#7530710
03/17/22 11:56 AM
03/17/22 11:56 AM
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Joined: May 2010
Posts: 10,472
mn north of blakely
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,472
mn north of blakely
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Doug I believe in your case the first 250,000 dollars in profit would be free of capital gains tax. I know that , Steven. Let's just say. i have a net profit of $700,000.00 . that would still leave me with $450,000. to pay taxes on. There is no consideration taken for inflation from 1972 until now either. The only way to avoid those taxes would be to buy more expensive or equal property within two years. I would be looking to buy less expensive property but still something with some acreage and privacy so finding something within the price range of what I would have left over would be tough in this part of the state.. Doug, I believe long term capital gains tax is 15 percent. So you tax bill would be what 67,500. That would leave you with 632,500 dollars. Surely it's not so expensive within a reasonable distance around you to buy some land with a house? If it is move up to thief lake but a quarter of farmland with an income stream and build a new house on it. Should be able to do that under 600,000
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: Inflation and Home Values
[Re: Towman]
#7536582
03/23/22 04:42 PM
03/23/22 04:42 PM
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Joined: Dec 2006
Posts: 17,636
Rodney,Ohio
SNIPERBBB
trapper
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trapper
Joined: Dec 2006
Posts: 17,636
Rodney,Ohio
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Home Prices will rise between 11 and 22 Percent this year ! Home sales are projected to crash this summer unless Blackrock goes on another spending spree.
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