House Panel Passes Tax Rise on Vacation-Home Sales

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skeptic_IHB

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<p>If this measure is approved by the full House and the Senate, then I think the demand for second/vacation homes just dropped.</p>

<p><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a3XP6Mauc16M&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=a3XP6Mauc16M&refer=home</a></p>

<p>To our resident tax professionals, am I interpreting this correctly?</p>
 
That sucks.<p>


skeptic - I am unsure of exactly how you are interpreting this proposed legislation, but my take is that is just another way for pols to pander to their constituency by showing how they are taxing the rich. Less demand for vacation homes = less employment. Brilliant.
 
<p>Does this mean I'll be able to buy a vacation shack for $50k?</p>

<p><img height="225" width="300" alt="" src="http://www.ziprealty.com/images_mls/SOCALMLS/S/50/23/24/_P/S502324_P01.jpg" /></p>
 
<p>awgee....that's a GRILL. </p>

<p>So what would this mean for me ? I have the rental house in CT and want to buy a home in PS eventually. Since I own two homes, I get wacked when I sell one ? Wonder if anyone will be grandfathered in......</p>
 
<p><em>"For example, if a married couple owned a vacation home for eight years, then lived in it for two years before selling, only 20 percent of their profit would be eligible for the capital- gains exclusion". </em></p>

<p>What a crock ! A primary residence is a primary residence....what am I missing ? </p>

<p>If this passes, it's going to kill Palm Springs r.e.</p>
 
Sarge - This is the only thing I have read on this particular piece of s___, uh, I mean legislation. The article only speaks of vacation homes, whereas yours is a rental and you did live it 2 out of the last 5 years. My guess is the legislation will include primarys turned into rentals, but that is just a guess. Once five years have gone by that you have not lived in the Conn home, the point is mute anyways. It seems like the best way for you to avoid, ( legally ), the cap gains tax and maybe even the recapture on the depreciation for awhile, would be to do a like-kind exchange. I guess the bright side is that if it does affect PS re, you will be in better position.
 
<p>Um, everybody, only one thing to say when you whine about taxes. <strong>$10,000,000,000,000.00</strong></p>

<p>That's how much we will have spent more than we taxed by the time George W. leaves office. That's <strong>$10,000,000,000,000.00.</strong> Say it out loud. Ten Trillion Dollars. Ten million piles of one million dollars. Ten thousand piles of a billion dollars. Or better, it's a million dollars for one of every ten families in the USA.</p>

<p>We can do two things either separately or together: A) stop the war <strong>and</strong> slash about 30% of all other spending B) raise taxes (and no Virgina, it's not some dinky little raising of taxes.)</p>
 
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