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Started By
Message
Tell me the 2025 cap gains of $250ksingle/$500kfiling jointly will increase per inflation
Posted on 2/25/25 at 4:04 pm
Posted on 2/25/25 at 4:04 pm
The capital gains exemption...
It MUST increase because of what inflation did to people, and if they sell their homes this year
If not, that is criminal
It MUST increase because of what inflation did to people, and if they sell their homes this year
If not, that is criminal
4
Posted on 2/26/25 at 4:15 pm to Harry Rex Vonner
I assume the negative down votes are due to the shitty OP opening. I agree that most exclusions should naturally be tied to inflation vs set in stone for decades. Specific to the op, I would tie it per year ownership vs the 2 year in 5 currently set. I have no issue shrinking the exclusion for say a 2 year ownership vs increasing it for a 10 year ownership as an example.
Posted on 2/26/25 at 4:36 pm to C
quote:
I assume the negative down votes are due to the shitty OP opening.
I sure am sorry other folks can't read
my bad
I have heard from friends since yesterday that after owning the house for 10 years, it's a different ballgame. I'm looking forward to good news. I took 6 hours of accounting in college, and it's not my thing.
But I'm becoming aware that my tax accountant thinks she's works for the fricking IRS instead of working for me.
Posted on 2/26/25 at 4:39 pm to Harry Rex Vonner
Are you talking about the home sale exclusion?
It’s not indexed for inflation
It’s not indexed for inflation
Posted on 2/26/25 at 4:41 pm to Harry Rex Vonner
Posted on 2/26/25 at 4:45 pm to Harry Rex Vonner
Maybe I'm wrong, but I thought the 250/500 figures weren't referring to sales price, but referring to the amount of gain.
In other words, if I'm single and selling my primary residence, I am exempt from capital gains up to 250k of gains. So if I bought my home for 200k, I could sell it for 450k tax free, as that would be 250k of capital gains.
If I'm remembering that right, that's a pretty generous amount of gain that the overwhelming majority of people won't come close to hitting. If you have more than 250/500 in gains from selling your home, then you're probably doing well enough to afford a bit of tax on the excess.
In other words, if I'm single and selling my primary residence, I am exempt from capital gains up to 250k of gains. So if I bought my home for 200k, I could sell it for 450k tax free, as that would be 250k of capital gains.
If I'm remembering that right, that's a pretty generous amount of gain that the overwhelming majority of people won't come close to hitting. If you have more than 250/500 in gains from selling your home, then you're probably doing well enough to afford a bit of tax on the excess.
Posted on 2/26/25 at 6:01 pm to Neauxla_Tiger
quote:
Maybe I'm wrong, but I thought the 250/500 figures weren't referring to sales price, but referring to the amount of gain.
yep
quote:
If you have more than 250/500 in gains from selling your home
yep
quote:
then you're probably doing well enough to afford a bit of tax on the excess.
so they can send it to Ukraine and Israel?
Posted on 2/26/25 at 7:25 pm to Harry Rex Vonner
quote:A very tiny part of it, yes.
so they can send it to Ukraine and Israel?
Posted on 2/26/25 at 8:57 pm to Harry Rex Vonner
Have you done any major repairs or upgrades to the house since you bought it?
Those should add to the basis.
Also your CPA knows she doesn’t work for the IRS and I highly doubt she’s trying to get you to pay the most amount of tax possible. Sounds like she needs to do a better job than she is explaining everything to you.
Also, did you reach out to her before you sold? Or just showed up after 12/31 and said “oh yeah I sold my house”
Those should add to the basis.
Also your CPA knows she doesn’t work for the IRS and I highly doubt she’s trying to get you to pay the most amount of tax possible. Sounds like she needs to do a better job than she is explaining everything to you.
Also, did you reach out to her before you sold? Or just showed up after 12/31 and said “oh yeah I sold my house”
Posted on 2/26/25 at 9:47 pm to Harry Rex Vonner
quote:
I sure am sorry other folks can't read
People can read.
If you are married and have gains over $500k, you will pay taxes.
Posted on 2/28/25 at 2:44 am to horsesandbulls
it's going to be this year, in 2025
I do appreciate the responses here and I know I come across like a smartass to paying taxes on things I've never paid taxes on before, and I'm sorry about that.
so I guess the summary is I'm going to have to pay capital gains on $200k and it's just ripping my heart out, but I'll have to get over it. I can afford it, but I just hate it so much
thanks all
I do appreciate the responses here and I know I come across like a smartass to paying taxes on things I've never paid taxes on before, and I'm sorry about that.
so I guess the summary is I'm going to have to pay capital gains on $200k and it's just ripping my heart out, but I'll have to get over it. I can afford it, but I just hate it so much
thanks all
Posted on 2/28/25 at 5:53 am to Harry Rex Vonner
It sucks but that means your house appreciated 700k if you are married. That’s amazing!!
Reach out to her and see if she can give you an estimate on cap gains tax estimate.
Any major upgrades like roof, ac, remodels, etc will add to your basis and reduce capital gains. As will selling costs that you paid.
Reach out to her and see if she can give you an estimate on cap gains tax estimate.
Any major upgrades like roof, ac, remodels, etc will add to your basis and reduce capital gains. As will selling costs that you paid.
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