Seconded. This is inaccessible net worth. It is useless to someone who cannot take advantage of it. Sale would incur capital gains, which would be significant, and finding another property to live in would be just as unaffordable.
Seconded. This is inaccessible net worth. It is useless to someone who cannot take advantage of it. Sale would incur capital gains, which would be significant, and finding another property to live in would be just as unaffordable.
glockenspiel@programming.dev 1 day ago
No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
Cryophilia@lemmy.world 1 day ago
Capital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint.
www.irs.gov/taxtopics/tc701