Just to be clear, I didn't make a $20k profit on the sale of my apartments; that was the difference between their sale price and my puchase price for the house. The reason I'm paying every cent I earned this year is that I made a 250% gain over the purchase prices for the apartments, and I blew through the federal rollover deduction (and the state doesn't even have one). Once upon a time, you could rollover your gains on your primary residence (I'd still pay cap gains on my rental unit, but even then it's reduce my tax bill by 70%). Another way of looking at it is that I could do *everything* major I want to do to the house (add roof deck, new facade, renovate garage to put in hottub) if I weren't shelling out to the government instead.
I still support a progressive income tax, but where the hell are W and his cronies about repealing the capital gains tax? The *one* thing that helps rich, old, white guys that could also help me, that's what they don't do. (Clearly I'm not rich enough or old enough, and in W's mind, probably not even white enough.) And I also hope they succeed in repealing the estate tax, though I doubt that'll happen now.
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ninetydegrees
no subject
on 2007-12-06 12:10 am (UTC)I still support a progressive income tax, but where the hell are W and his cronies about repealing the capital gains tax? The *one* thing that helps rich, old, white guys that could also help me, that's what they don't do. (Clearly I'm not rich enough or old enough, and in W's mind, probably not even white enough.) And I also hope they succeed in repealing the estate tax, though I doubt that'll happen now.