Significant change in federal taxes on home sales

jeffk · 09-26-2007, 05:22 PM

Important news for some of us.

http://www.bloomberg.com/apps/news?p...efer=worldwide

If you own a vacation home, sell your primary home and move into your lake property the current law says if you sell it after living there for 2 years you pay no capital gains on the first $500,000 of profit. The change would index that exemption based on a formula as to how long you have owned the property. The money would be used to support those affected by the sub prime mortgage mess.

So a person gets into a risky mortgage, perhaps one that they shouldn't have gotten to begin with, and things go bad and it's now our problem to pay for it. Thanks a lot federal government.

09-26-2007, 05:22 PM	#1
jeffk Senior Member Join Date: Feb 2004 Location: Center Harbor Posts: 1,188 Thanks: 210 Thanked 458 Times in 262 Posts	Significant change in federal taxes on home sales Important news for some of us. http://www.bloomberg.com/apps/news?p...efer=worldwide If you own a vacation home, sell your primary home and move into your lake property the current law says if you sell it after living there for 2 years you pay no capital gains on the first $500,000 of profit. The change would index that exemption based on a formula as to how long you have owned the property. The money would be used to support those affected by the sub prime mortgage mess. So a person gets into a risky mortgage, perhaps one that they shouldn't have gotten to begin with, and things go bad and it's now our problem to pay for it. Thanks a lot federal government.