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Political Discussion
Reply to "biden pushing for new capital gains tax "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Specific to home ownership, capital gains tax rate needs to take into account length of time home was owned in some way. Elderly can't downsize in retirement because the gains tax plus cost of selling is too prohibitive. People sitting in large homes they don't need and can't take care of because we make it too difficult for senior citizens to sell property.[/quote] Elderly couples have $500,000 of profit tax free. That’s plenty to pay the “cost of selling.”[/quote] What about widows? [/quote] What about single moms? What about, what about? $250,000 is still tax free. People who clear this much on a house shouldn’t get an additional tax break, regardless of their age. Downsizing usually means a cheaper place, no? Whoever is making the argument for a special elderly tax break sounds like an adult child trying to increase their inheritance.[/quote]
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