Quote:
Originally Posted by Lubicon
Those people should be exempt IMHO. Are they under the new law?
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Don't think so. The new tax only applies to capital gains, so 50% of increases in value. There's sliding scale between 1-2 years ownership. So if you bought a house, and it went up in value by $300k in a year, and you have to pay 25% on $150k, I don't feel that badly for you. Walking away with $37.5 less of the $300k. The rest is tax free.
If you lost money, you don't pay any tax.