What are you talking about? SO you think Trump is a bad president, then tell me how. Im not a damn mind reader.
Would it be retroactive? My intuition is saying that what Biden wants is a change that requires payment of the capital gains at sale. Thus Bob invest $300, sells for $600, pays $75 in capital gains, and then buys his next property for $525. Sells that property for a million, pays the capital gain of approx $100k, and invest the remaining $900k in three rental properties. The only difference is Bob can no longer roll the tax burden into protected status. I would imagine this is a way to collect taxes on a capital gain and prevent the family from rolling all the capital gain into inheritance, where if the family sells the property, they have to pay taxes on cost basis, which means they would have to pay the $300k.
I agree with your last statement. That’s my point. Everyone here is so up in arms about the logical fallacies of the media and the left but they make the same mistakes. It applies equally to both sides and people need to be more objective and open minded.
You're right. Just look at all the news stories coming out about Republicans disagreeing with Trump. Ever see many stories about Democrats bucking Aunt Nancy or Uncle Chuck? For me, I have always thought Trump was a narcissistic, egotistical, blowhard. A buddy from NY told me that"s just NY, watch what he does, not always what he says or the way he says it. And he was right. Trump has done well. He is maybe the first politician in decades to actually do most of what they promised. And most of that is for the betterment of the US and its' citizenry
Kiki: I’m sure you accidentally left out the part in your 1031 analysis that this program applies to investors with incomes over $400,000 per year. Puts just a tad of cold water on your lil’ ol’ investor example. Thought you’d like to know. But it does put Jared Kushner right in the boresight.
Those are the guys driving the rehab/new home market. It doesn’t take many properties to hit that and also depends on what the include in income. If you buy and fix a few homes a year the appreciate on 3 homes can easily be over that.
The problem with taxes like Biden is proposing is unintended consequences. This sounds similar to the yacht tax the Democrats put in to get the rich guys. Turns out all they did was put American shipyards out of business and a bunch of working dudes out of jobs. I can see this happening no matter what the cutoff number is. Those with means will find another place for their investment and the impact on housing availability and other similar things will gut the poor. Like most of the social justice moves it will hurt those purported to be helped.
Exactly correct, the rich can simply pack their shit and leave,. There is no requirement for them to leave the money here.
I’ve never quite been in that bracket, but "income" and I am ass/u/ming Adjusted Gross Income, probably means one is bringing in $600-$700k in. If that is not the case they need a new accountant. More importantly, this is just something thar Joe is talking about. Won’t EVER get through Congress. Too many hands are out there, and the lobbyist (and Biden) know it. Win - win. . . . he gets to spout off about it, but never has to deal with the consequences. Remember 540 or so of those assholes are primarily interested in getting re-elected. If it doesn’t help that, not going anywhere.
