Flip Tax
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I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
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I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I'm fine with all of that, too. The flip tax is horseshit and as Pawn Stars continues to remind us, you have every right to sell something for more than you paid for.
I'm just adding a small but very important caveat to Mik's statement about flippers improving neighborhoods. Tons of times that's true, but there are some right motherfuckers in that business, too.
Please love yourself.
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I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
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Meh, a lot of times they are just putting lipstick on a pig and it slides right past home inspectors. Hell, in the last 2 years buyers are even waiving inspections…
Still, the problem in California isn’t flipping, it’s people that moved there for three years and then their job shifted to Texas… But the flippers make a much nice outlier group…
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I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I'm fine with all of that, too. The flip tax is horseshit and as Pawn Stars continues to remind us, you have every right to sell something for more than you paid for.
I'm just adding a small but very important caveat to Mik's statement about flippers improving neighborhoods. Tons of times that's true, but there are some right motherfuckers in that business, too.
@Aqua-Letifer said in Flip Tax:
I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I'm fine with all of that, too. The flip tax is horseshit and as Pawn Stars continues to remind us, you have every right to sell something for more than you paid for.
I'm just adding a small but very important caveat to Mik's statement about flippers improving neighborhoods. Tons of times that's true, but there are some right motherfuckers in that business, too.
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Real estate and some other businesses let you plow the net proceeds into other marketable goods to forestall taxes, and depreciation helps also, but the government is always rent seeking….
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@Aqua-Letifer said in Flip Tax:
I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I'm fine with all of that, too. The flip tax is horseshit and as Pawn Stars continues to remind us, you have every right to sell something for more than you paid for.
I'm just adding a small but very important caveat to Mik's statement about flippers improving neighborhoods. Tons of times that's true, but there are some right motherfuckers in that business, too.
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Real estate and some other businesses let you plow the net proceeds into other marketable goods to forestall taxes, and depreciation helps also, but the government is always rent seeking….
@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Pretty good general rule to follow, yeah.
the government is always rent seeking….
Yes, I'm sure you see it that way.
The larger the entity we're talking about when we mention "the government," the more I agree. But I also like my parks, fire departments and schools. I don't think it's all purely rent-seeking. -
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@Aqua-Letifer said in Flip Tax:
I’m not ok with any dishonesty, let alone to make money from it. Maybe I’m tired tonight but all I’m saying is I’m not ok with a new tax on people who sell their own property if they’ve owned it less than 7 years or whatever….but am ok with people who buy a house and then resell it for more, whether or not they make improvement.
I'm fine with all of that, too. The flip tax is horseshit and as Pawn Stars continues to remind us, you have every right to sell something for more than you paid for.
I'm just adding a small but very important caveat to Mik's statement about flippers improving neighborhoods. Tons of times that's true, but there are some right motherfuckers in that business, too.
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Real estate and some other businesses let you plow the net proceeds into other marketable goods to forestall taxes, and depreciation helps also, but the government is always rent seeking….
@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Kinda. If you sell your car, you don't have to pay the IRS. If you sell your house, you don't have to pay the IRS on profits up to $500k (if married) or $250k (if single).
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@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Kinda. If you sell your car, you don't have to pay the IRS. If you sell your house, you don't have to pay the IRS on profits up to $500k (if married) or $250k (if single).
@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Kinda. If you sell your car, you don't have to pay the IRS. If you sell your house, you don't have to pay the IRS on profits up to $500k (if married) or $250k (if single).
If you sell your car for more than it's worth (bit hard to determine right now) you are curbstoning and subject to tax.
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If you sell your car and it’s part of your business then you have to pay taxes on it as well.
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Purely hypothetical … what if they structure the property tax rates to be progressive based on the price of the property?
E.g., like your federal income tax, the more money you make, the higher your marginal tax rate. For a property sale, the higher the sale price, the higher the marginal tax rate for the sale.
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@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Kinda. If you sell your car, you don't have to pay the IRS. If you sell your house, you don't have to pay the IRS on profits up to $500k (if married) or $250k (if single).
@Ivorythumper said in Flip Tax:
I’m pretty sure that selling things for more than you paid for them is, in the eyes of the iRS, always a taxable event.
Kinda. If you sell your car, you don't have to pay the IRS. If you sell your house, you don't have to pay the IRS on profits up to $500k (if married) or $250k (if single).
The first $500k is excluded from gains by tax regulation but that demonstrates my point that government claims the right to tax all profits. It’s smart policy to exclude some profits so to make society more mobile and to encourage upward mobility and economic stimulus.
As for cars, there are casual sales vs business transactions— even if you did sell your car for a few thousand more than you paid, it’s not worth going after low sums from individuals.
