Quote:
Originally Posted by coadie
If you have a property that you bought for 300,000 20 years ago and sell it for 600,000 You made 300,000. After inflation, it has not gained in value but you gained a new tax bracket. You are in the 200k plus tax bracket. One of several painful points includes that you are taxed for inflation.
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If you were a married couple, you still would not be taxed on any profit you make from selling your home, usually up to $500,000. $250,000 if you are single.
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