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1
Posted on 7/21/20 at 6:38 pm to BeepNode
quote:
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
Do you believe that a Socialist/Progressive government would consider taxing home-equity regardless of how long an individual has lived in the home that is being sold? If they are willing to cancel 1031, I would say "yes", it would only be a matter of time before such a tax would be passed.
Posted on 7/21/20 at 6:38 pm to nugget
quote:
Ok. Do you want to talk about the issue of eliminating the 1031 or just keep saying, iTz NoT aBoUt PersOnaL reSidENces
I don't agree with the proposal to eliminate 1031 but false info is false info. Sorry correcting it bothers you so much.
This post was edited on 7/21/20 at 6:40 pm
Posted on 7/21/20 at 6:39 pm to boosiebadazz
quote:
stifle investment and be bad policy, but it wouldn’t crater the market overnight
You would see catastrophic effects within a decade. You’re going to be paying 2200 a month for a 2 bedroom in the suburbs of Houston.
Posted on 7/21/20 at 6:40 pm to BeepNode
I didn’t parade them around. Never did I say anything about personal residences. Maybe you should try reading before we get to critical thinking.
Posted on 7/21/20 at 6:40 pm to Mud_Till_May
quote:
Taxes are taxes. The government can do whatever they want.
Your nihilism is boring and ignorant. The government serves the system that increases the success of the people/the economy. Your nihilistic take is kind of dumb and simple.
Posted on 7/21/20 at 6:41 pm to keks tadpole
You're moving the goal posts, bud.
You were spreading false information about this 1031 exchanges because it's an easy mistake to make. Then you got called out on it and instead of accepting that you made a mistake you're now you're saying that its okay to lie about it because of slippery slopes.
You were spreading false information about this 1031 exchanges because it's an easy mistake to make. Then you got called out on it and instead of accepting that you made a mistake you're now you're saying that its okay to lie about it because of slippery slopes.
Posted on 7/21/20 at 6:41 pm to BeepNode
1031 doesn’t apply to the sale of a residence
Posted on 7/21/20 at 6:42 pm to Jorts R Us
quote:
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
Correct.
That said there are quite a lot of people who turned prior personal residences into rental properties. And those people are fricked if he gets his way
It's hilarious because I can literally see no upside to the plan. It won't even really generate that much tax because the larger investment firms will correctly judge that keeping property that has positive cash flow Beats dumping it
And the small investor who maybe was going to consider selling their cheaper properties to upgrade we'll likely just stand Pat
What you will end up with is a virtual elimination of any new smaller investors in the market. Which will tend to dry up available rental properties and narrow those rental properties that exist in two fewer hands
Thus exploding rental rates. So then you can get free childcare but end up making up the difference in higher rent
Posted on 7/21/20 at 6:44 pm to ShortyRob
How would this plan work for people that own mineral right and land rights?
I know many people who choose to sell their mineral rights and opt for the 1031 exchange to buy a condo or othe property to avoid the tax.
I know many people who choose to sell their mineral rights and opt for the 1031 exchange to buy a condo or othe property to avoid the tax.
Posted on 7/21/20 at 6:44 pm to keks tadpole
quote:
Do you believe that a Socialist/Progressive government would consider taxing home-equity regardless of how long an individual has lived in the home that is being sold? If they are willing to cancel 1031, I would say "yes", it would only be a matter of time before such a tax would be passed.
Yep, you get it. Your unrealized gains are unfair. That is exactly the precedent they are trying to establish.
Posted on 7/21/20 at 6:47 pm to stickly
So what it does is allow people to get rich off inflating the market values of homes in an effort to make as much profit as possible all while screwing actual people trying to afford a home of their own.
Hate Biden, but this real estate flipping bullshite has destroyed people being able to afford a decent home without being buried under unreasonable debt. I hope he repeats that shite.
Hate Biden, but this real estate flipping bullshite has destroyed people being able to afford a decent home without being buried under unreasonable debt. I hope he repeats that shite.
Posted on 7/21/20 at 6:48 pm to nugget
quote:
I didn’t parade them around. Never did I say anything about personal residences
"Says the spoonbill that thinks this has to do with flipping houses" -nugget
Posted on 7/21/20 at 6:50 pm to BeepNode
That was in response to you saying that on the first page of the thread. As someone that invests more in real estate than anyone in this thread, I know what a 1031 entails. Try and keep up, I don’t feel like filling you in all the time
Posted on 7/21/20 at 6:53 pm to nugget
I guess this is why a guy I know dumped a bunch of his properties this week.
Darn shame I wasn’t his realtor on them
Darn shame I wasn’t his realtor on them
Posted on 7/21/20 at 6:54 pm to Geauxgurt
quote:
So what it does is allow people to get rich off inflating the market values of homes in an effort to make as much profit as possible all while screwing actual people trying to afford a home of their own.
1031s cannot be used for personal residences. A 1031 would be used to build the commercial center that brings Quiznos and new apartments to your area. On a bigger level it could fund the Lowes or Home Depot that means you only have to drive 3 miles vs 15 miles to pick up a screw.
It's important.
Posted on 7/21/20 at 6:56 pm to nugget
I'm fairly aware of the situation. Either the property is immediately flipped and isnt even benefiting from 1031 or it is held on as a rental for a while and then the investor later sells it in exchange for another property to develop/redevelop. Either way, a 1031 doesn't affect regular home owners just looking to sell and get a different primary residence.
Posted on 7/21/20 at 6:56 pm to stickly
It's not surprising that just when the surging Black Middle Class is starting to do real estate investment, that White Liberals have a problem with this.
Posted on 7/21/20 at 6:57 pm to llfshoals
I doubt that’s why he dumped them. As much as the left wants a dictator, Joe can’t unilaterally push all of this through. Worst case is you’re stuck with what you’ve got and can no longer scale.
Posted on 7/21/20 at 6:58 pm to Mud_Till_May
quote:
What they should do is tax stock owners. That’s the real money. They charge you property tax, why not a stock ownership tax?
What they should do is SPEND FRICKING LESS. $3.2 trillion is more than enough money to run this country.
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