Viewing a single comment thread. View all comments

sihtydaernacuoytihsy t1_ivq9dv8 wrote

Reply to comment by FeralGinger in I’m surprised by this Essex County by A__SPIDER

Yah as soon as people start having houses with >$1m in appreciation they start thinking this tax will kill them.

(How dare the state fund public expenditure by raising the taxes on the sale of my $1,400,000 home, which I purchased 25 years ago for $300,000, by $4,000! Do you know how much bananas cost, Michael?)

13

[deleted] t1_ivrda89 wrote

[deleted]

0

gameface23 t1_ivrhtao wrote

I could be completely wrong, but I believe it’s only $4k. The tax is only on anything OVER a million, so $400,000 * .01 = $4,000.

4

PM_me_PMs_plox t1_ivrlzo9 wrote

Only on the appreciation after write offs. It appreciated by $1,400,000 - $300,000 = $1,100,000. Then you get to write off at least $250,000, so you're only taxed on at most $850,000 and the law doesn't even apply to you. (Unless you make more than $150,000 some other way. So in order to even hit that $4k in taxes you'd need to have a salary of $550k in addition to all this, or more if you're married.)

5

georgvontrap t1_ivrsvp6 wrote

Dang thanks for that reminder/clarification, you’re totally right

2

PM_me_PMs_plox t1_ivru293 wrote

On Cape we know all about house price appreciation... unfortunately...

2