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Old June 16th, 2011, 09:22 AM   #1
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Default new Obama-Care tax!!!!

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,” President Obama, September 12, 2008 Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income. In February 2010, 5.02 million homes were sold, according to the National Association of Realtors. On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford. This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.
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Old June 16th, 2011, 09:37 AM   #2
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So we pay tax on the house when we buy it, then we pay tax on the house when we sell it. Awesome.
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Old June 16th, 2011, 12:53 PM   #3
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So we pay tax on the house when we buy it, then we pay tax on the house when we sell it. Awesome.
that's the government for you.

look at how many times a single vehicle is taxed by the state. every time it's sold. if it's sold 20 times, sales tax on that same vehicle is paid 20 times.
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Old June 16th, 2011, 01:01 PM   #4
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That's the nature of durrable goods I guess. Its also the nature of the socialist demacrats.
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Old June 16th, 2011, 01:11 PM   #5
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So we pay tax on the house when we buy it, then we pay tax on the house when we sell it. Awesome.
The only point of sale tax for a house comes with one on wheels.
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Old June 16th, 2011, 03:49 PM   #6
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So we pay tax on the house when we buy it, then we pay tax on the house when we sell it. Awesome.
Don't forget:

You paid taxes on the earnings to buy that house.

Also, what comprises, or defines how the end value (income) is determined? If you sell your house for 100K, but owe 75K on your mortgage - I think the taxable income would be 25K, not 100K.
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Old June 16th, 2011, 03:55 PM   #7
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Originally Posted by ScOoTeR View Post
Also, what comprises, or defines how the end value (income) is determined? If you sell your house for 100K, but owe 75K on your mortgage - I think the taxable income would be 25K, not 100K.
I believe it is purchase price vs a portion of selling price, not amount owed. But I might just be making that up.
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Old June 16th, 2011, 04:01 PM   #8
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The long and the short of it is, after loosing thousands in the value of my house NOW I NEED TO FORK OVER 4 MORE % TO HELP PAY FOR MORE WELFARE!!! THAT IS GREAT !!!!
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Old June 16th, 2011, 04:07 PM   #9
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Quote:
Originally Posted by ScOoTeR View Post
Don't forget:

You paid taxes on the earnings to buy that house.

Also, what comprises, or defines how the end value (income) is determined? If you sell your house for 100K, but owe 75K on your mortgage - I think the taxable income would be 25K, not 100K.
I would think it would be value gained IE: bought for 110k sold for 115k. Income is 5k. Now how about I ad in the 100k in intrest I paid over the course of 30 years and show that I lost 95k...
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Old June 17th, 2011, 12:25 AM   #10
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You rich fuckers that own your own homes are just greedy bastards.
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Old June 17th, 2011, 07:19 AM   #11
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I would think it would be value gained IE: bought for 110k sold for 115k. Income is 5k. Now how about I ad in the 100k in intrest I paid over the course of 30 years and show that I lost 95k...
Then we won't have any trouble in the not-so-near future: We bought our condo in 2004 for 206K, Zillow says it's worth about $150K and we owe around $140k.

I haven't looked, but if I sell for $150K, do I get to write off a $56K loss?
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Old June 17th, 2011, 10:39 AM   #12
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Originally Posted by ScOoTeR View Post

I haven't looked, but if I sell for $150K, do I get to write off a $56K loss?
yes, also, if you are renting it out for less than your mortgage payment, you can write off the loss.
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Old June 17th, 2011, 11:54 AM   #13
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fuck the working so the lazy can continue to do so.
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Old June 17th, 2011, 12:17 PM   #14
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yes, also, if you are renting it out for less than your mortgage payment, you can write off the loss.
Already do that.
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