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Started By
Message
re: Biden wants to kill 1031 Exchanges (read this. it's important)
Posted on 7/21/20 at 6:28 pm to boosiebadazz
Posted on 7/21/20 at 6:28 pm to boosiebadazz
quote:
or a clip of Biden explaining it?
Holy shite that would be must watch tv.
0
Posted on 7/21/20 at 6:28 pm to stickly
If Biden is elected and R’s lose the senate the economy will be killed with Dem’s shortsighted policies.
Posted on 7/21/20 at 6:29 pm to keks tadpole
quote:
Bob and Linda,68 years of age,sell their home paid off home of 40 years for a 400K capital gain edge. Their plan to downsize and have some coin to invest for retirement takes an 80K lick from Biden's tax plan, should he come after home equity.
You guys spread a lot of false information/fear-mongering. This doesn't affect people selling their home if they've lived in it for more than 2 of the last 5 years.
Posted on 7/21/20 at 6:30 pm to ShortyRob
quote:
Bob and Linda scraped for 5 years living in a apartment to get their 20% for their starter home, which they bought in 2005 for $200k.
A personal residence isn't something that would be able to be used in a 1031. But I think you are seeing the kind of *stored value* that would soon be attacked using the precedent set through an attack on 1031 exchanges. ANY unrealized gains would be very attractive to the tax authority of a progressive authority.
Posted on 7/21/20 at 6:31 pm to BeepNode
quote:
fear-mongering.
Says the spoonbill that thinks this has to do with flipping houses (which has been great for the country, btw)
Posted on 7/21/20 at 6:32 pm to nugget
quote:
Says the spoonbill that thinks this has to do with flipping houses (which has been great for the country, btw)
Well, it also doesn't have to do with personal residences so...
Posted on 7/21/20 at 6:33 pm to nugget
That's a really bad take. Keep screaming at the sky though, I guess.
Posted on 7/21/20 at 6:33 pm to Jorts R Us
What does that have to do with what I said?
You guys are still disregarding what negative effects this will have to the US economy.
You guys are still disregarding what negative effects this will have to the US economy.
Posted on 7/21/20 at 6:34 pm to BeepNode
quote:
That's a really bad take. Keep screaming at the sky though, I guess.
You’re the one that said you’re for it. Do you have any ability to understand cause and effect?
Posted on 7/21/20 at 6:34 pm to jamboybarry
quote:
Stick to doing what you do best which is selling glue down laminates
You need some flooring?
Posted on 7/21/20 at 6:34 pm to BeepNode
quote:
1031 is what allowed investors to roll profits forward into the next project.
I own three single-family rental properties. Lots of people own one or two. Guess who get nailed by this also? This is the problem with so many leftist ideas. They correctly identify that the people they are going after can probably absorb it. But they will do so by passing along the expense. But there is a subset of people who will just be annihilated by it and the left doesn't care. The best part is this reduces the number of people in the business which theoretical you should be the exact opposite of what people who complain about wealth gaps would desire
Posted on 7/21/20 at 6:35 pm to stickly
quote:
His $1.5M 'estate' gets acquired by Goldman Sachs or some other cash-rich organization for $450k, he gives the tax man $300k and his life has resulted in $150k of *profit* and the elimination of any cash-flow he was relying on for retirement.
I just want to point out the unspoken truth here: Bob was going to be independent of governmental assistance in his life and retirement. He was set up through years of effort and investment. Now not only is his life plan destroyed, the government needs to take care of him until he dies.
Progressives are literally economically retarded. AOC has an economics degree lol.
Posted on 7/21/20 at 6:35 pm to nugget
quote:
What does that have to do with what I said?
You guys are still disregarding what negative effects this will have to the US economy.
Are you not following this thread, champ? The examples using personal residences are being parroted by posters who don't know what they are talking about.
This post was edited on 7/21/20 at 6:35 pm
Posted on 7/21/20 at 6:35 pm to BeepNode
Why do you hate capitalism?
Posted on 7/21/20 at 6:35 pm to stickly
quote:
I guess because that's a terrible, anti-American, and destructive idea that only a marxist would think is smart?
Taxes are taxes. The government can do whatever they want.
Posted on 7/21/20 at 6:36 pm to Jorts R Us
Oh cool.
You are back.
You are back.
Posted on 7/21/20 at 6:36 pm to BeepNode
Retroactive would be catastrophic. Prospective only would still stifle investment and be bad policy, but it wouldn’t crater the market overnight
Posted on 7/21/20 at 6:36 pm to stickly
he will push all real estate investment to international high finance, crooks with the accountants and tax lawyers
Posted on 7/21/20 at 6:37 pm to Jorts R Us
Ok. Do you want to talk about the issue of eliminating the 1031 or just keep saying, iTz NoT aBoUt PersOnaL reSidENces
Posted on 7/21/20 at 6:37 pm to Errerrerrwere
quote:
Oh cool.
You are back.
Yeah. Never left. How was your ban for being a crybaby?
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