Featured Possible future vice president J. D. Vance introduces bill to promote gas-powered vehicles

Don't think it's one time only, though there is a look-back requirement to make sure you haven't already used it on another home sale in the past two years.

If we're talking about the same thing. Mr.Vanvandenburg wrote 'credit', but I'm thinking of a capital-gain exclusion.

 

It is a tax exclusion according the irs. I wrote credit like credit on the tax owed. It only requires living in the home 2 years out of the previous 5 before the sale. I have a home I rent. If the tenant moves out, I may move in for two years and exclude 250,000 from the gain. Or I may not as if I die my daughter doesn’t have to pay any of the gain I owe taxes on, no depreciation recapture, nothing.
Wait if not a president should win, I think it’s unlikely given this week imo, one of his goals is to completely eliminate the inheritance tax. Now it’s 5 million tax free, maybe it went higher than that now. In his world you could make 10 billion in gains and heirs will not pay a dime. Everything resets to market value. Works great for him. Works great for Tesla guy. The middle people get to pay the bulk of the nations costs out of their weekly pay checks.

 

Yeah, I'm reading 'exclusion'. Up to $250k ($500k if married filing jointly) of cap gain can be excluded from your income. Then you calculate your tax the usual way, on what's left of your income after excluding that amount. How much tax that saves you depends on your bracket. It'll be some % of the excluded amount.

A credit directly toward the tax owed would be even more exciting, but isn't the deal.

 

For a single filer that sells a house for $250k, the tax savings start around $68k.

 

We also pulled out of vietnam. The only thing we wasted before that were tens of thousands of lives - on our side alone - when France pulled oyt of Vietnam we should have stayed out ourselves. The Vietnamese are happier without us & our intervention.
All of the Marxists now realize they can take over by simply running our universities & most of the media.
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Was that "sells a house for basis+$250k"?

 

An absolutely false equivalency.

That's saying that Europe was better under Naziasm and Eastern Europe was better under the Soviet Union.

Vietnam would have bee better if President Harry Truman did not allow France to reconstitute the French Indochina colonies after WWII.

Ho Chi Minh played the Star Spangle Banner and quoted the Declaration of Independence asking the US allies whom he fought under for independence.

Ukraine wants the same self determination that Vietnam finally secured.

 

yes sadly marxism via untold bloodshed.

 

Let's see here. War, buying selling houses... Ah! Yes, cars are becoming harder to work on. I can't fix the radio in my Avalon nor properly flush the brake fluid in it. That, and I have tire pressure sensor issues, especially because I have another set of rims. Replacing the bushings on the front sway bar was a pain. According to the instruction manual I was supposed to take out the engine and transmission in order to do it properly. Hopefully my suspension holds together.

All I can say is that overall, I hate new cars. They're practical, they're safer than ever, they pollute a lot less than older cars. But other than that, I don't know why people buy new cars. They're boring, expensive or impossible to work on, and all look the same. I guess other people's likes and dislikes are different than mine.