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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (261038)	8/9/2008 3:39:12 PM
From: John Carragher	Read Replies (1) \| Respond to of 793928

the real estate exemption was part of bush tax cuts. mccain says he will keep bush tax cuts. i read obama web site nothing about keeping real estate exemption. 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. if an elderly couple wants to use their equity to enter a nursing home or senior center, they cannot count on $84,000 towards one of these sunrise type developments. it appears to me their is major difference in obama vs mccain tax package for anyone thinking of selling their home after a few years. this should be shaken out as it could make a major difference if elderly realize they are going to lose their tax exemption under Obama.