Memorial Day Weekend '25

[Sue Doe-Nym]

For many, the problem would be helped if Congress raised the capital gains exemption on primary residences from $500k to $1000000. That hasn’t been raised since its implementation in the mid to late ‘90s. It would certainly remove that obstacle for lots of fence sitters….but in my case, I would prefer letting our current family members live it up here for many years!
There have been many thoughtful comments here on the subject.

[ishoot308]

I plan on dying broke. Have lots of fun along the way and leave nothing but a pretty corpse!

Dan

[thinkxingu]

Originally Posted by ishoot308

I plan on dying broke. Have lots of fun along the way and leave nothing but a pretty corpse!

Dan

1. If you keep on eating at the Alamo and Traveling Texas Smokehouse, you'll have no choice but to end broke!

2. You'll be a BEAUTIFUL corpse—don't sell yourself short, handsome.

Sent from my SM-S931U using Tapatalk

[John Mercier]

Originally Posted by Sue Doe-Nym

For many, the problem would be helped if Congress raised the capital gains exemption on primary residences from $500k to $1000000. That hasn’t been raised since its implementation in the mid to late ‘90s. It would certainly remove that obstacle for lots of fence sitters….but in my case, I would prefer letting our current family members live it up here for many years!
There have been many thoughtful comments here on the subject.

I was under the impression that was used when we are alive.
That when we died everything fell under the estate inheritance taxes.

[Sue Doe-Nym]

Originally Posted by John Mercier

I was under the impression that was used when we are alive.
That when we died everything fell under the estate inheritance taxes.

That’s true, John. My point was that some people might favor selling their principal residence while they are still alive, but are unwilling to face the capital gains tax, which could be pretty high, given the huge increase in property values over the years. Maybe I didn’t make that clear enough.

[John Mercier]

I wonder if we sold property to an LLC/Trust wait two/three years, and purchased back again and again if we could lock in the gains without incurring the tax?