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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (171990)7/19/2003 10:31:27 AM
From: Jim McMannis  Read Replies (2) of 1576635
 
RE:"RE:"You've lost me.....I thought you were talking about the one time capital gains tax when someone turns 50 or 55. I don't understand this every two years thing"

NO TED, That's been changed. Clinton changed the law in 1997. You can sell your main residence every 2 years and pocket up to $500,000 dollars TAX FREE every two years!...
So what does all this flipping and moving and tax free money does to the price of housing?

So for those in the loop you get the ride up. Someone like you who has never owned a home gets "hopeless" as prices get driven through the roof. In fact, this is what happens.

So when I tell you my neighbors who are already millionaires just sold their houses and pocketed $500,000 TAX plus some free you will understand.

Now how do you think this will end? A happy ending? Wait until you have to buy a house.
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