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Politics : Politics for Pros- moderated

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To: John Carragher who wrote (261040)	8/11/2008 1:41:48 PM
From: Alan Smithee	Read Replies (1) of 793931

it appears if you are ready to sell your home and have substantial gains over a decade you will have a capital gain under Obama program. for example say you purchased a home for $200,000 back in 60's now with a market value of perhaps $500,000. under bush and if mccain extends bush cuts, and you are a married couple no tax... if you have obama program then you pay 28% capital gains tax or $84,000 on the sale of your home. I don't think that's true John. The exclusion from gain on sale of one's personal residence was not part of the Bush tax cuts. It's been part of the Tax Code since 1997. It's an exclusion, not a deduction, and Obama's proposal to raise the Cap Gain tax rate does not affect the exclusion.

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