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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (367284)	1/18/2008 10:50:24 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 1571785

It all depends when you were homesteaded. Lets say 12 years ago. SOH has you paying a third of current taxes. Normally if you move. your taxes reset. The amendment gives you a big break on portability. Nice break there. The federal $500k exemption lets you pay no cap gains tax. Likely you have a big one because you've been there 12 years. Let's take someone that bought a house like your's 2 years ago and homesteaded. Likely they are paying triple taxes. The $500k exemption on cap gains doesn't apply because the house is worth less. They can't even write down more than a net $3k loss on their tax return. Portability doesn't matter because the house has likely gone done in value so there would be a jump in taxes on the new house you are buying. Everything bad about SOH from a fairness standpoint is made worse.