We are publishing the tax secrets of the .001%

Re:We are publishing the tax secrets of the .001% by rascul on Wednesday June 09, 2021 @07:50AM (#27446818)

I don't see how our interpretations differ. You showed that there are ways for middle-class homeowners to pay the tax. Sell the house after less than five years and don't use the proceeds to purchase another house. That scenario seems to happen often enough from what I see, and it appears that the IRS will be collecting money in those cases.

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Re:We are publishing the tax secrets of the .001% by ineptech on Wednesday June 09, 2021 @10:49AM (#27448544)

> Sell the house after less than five years

You need to live there two years, not five[0].

> You showed that there are ways for middle-class homeowners to pay the tax...

I said... "on their home". If you move out of it and rent it out, it's not your home anymore, it's an investment property, which is taxed differently, as it should be. Regular people (not real estate investors or landlords, people who just own one home at a time) almost never pay taxes on a home purchase[1].

0: https://www.irs.gov/businesses/small-businesses-self-employe...

1: https://www.letmegooglethat.com/?q=do+i+need+to+pay+taxes+on...

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Re:We are publishing the tax secrets of the .001% by rascul on Wednesday June 09, 2021 @05:46PM (#27453671)

> You need to live there two years, not five[0].

Thank you. That wasn't clear to me. I interpreted it as you needed to have it for five years and live in it two out of those five. Makes me wonder why my father had to pay tax when he sold his house. But then this is just by memory, he doesn't have his 1040 anymore.

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