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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (266661)	12/31/2005 1:31:28 AM
From: Jim McMannis	Read Replies (3) of 1577109

Chris...think of this one. A person buys 3 houses in 1995. Well off multimillionaire, retired young, whatever. One house in say NYC. One in Florida...one beach house on Cape Cod. They go up in price three-four fold in 5-6 years. Well over $500k unrealized gain in each. He sells the one in NYC...pockets $500k tax free plus whatever. Moves into the one in cape cod for 2 years...sells that one for a $1M gain...half of which is tax free. Moves on to FL. Stays 2 years. Sells for a nifty gain, $500K of whch is TAX free. In all...he bags $1.5M tax free plus whatever on top. Was this a gift to the rich? Hell yeah it was. How does a new teacher out of college afford anything in these areas? He was stupid because he was born too late? Because he had some other passion besides flipping real estate?

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