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> I personally think people's first property should be tax-free. their actual home. This is how it works in Canada: principle residence has no capital gains on
by throw0101a 3y ago
> I personally think people's first property should be tax-free. their actual home.
This is how it works in Canada: principle residence has no capital gains on sale.
If you move to a new place, and don't sell the old one, then you have to change its status and the clock starts ticking on any price appreciation after the status change. Further if you rent out part of the structure (e.g., basement), then you have to pro-rate a status change of the property (generally proportional to surface area) and declare rental income.
- triceratops 3y agoI think GP was talking about property taxes. Even the US has tax free capital gains up to a limit. No capital gains isn't necessarily a great system either. It leads to people treating their primary home as a retirement savings vehicle. Taxing inflation-adjusted capital gains on home sales is a sensible compromise. And maybe also allowing the gain to be divided over years of ownership.
- bryanlarsen 3y agoIt's capital gains tax free, but it's far from tax-free. Myself, I pay about $7000 a year in property taxes on mine. Eliminating those and increasing corporate/second property taxes instead would be insane. That means that renters would be responsible for most of the taxes required to maintain the streets in front of my house.
- strangesmells06 3y agoWhat you seem to not understand is that the government has enough money to maintain the roads with out property tax entirely. It would force the government to be more efficient with their money and shrink the governement to just the essentials. You think any for of US government operates on a shoestring budget? They are the most bloated entities on the earth. And its based off the backs of the poor and middle class.
- bryanlarsen 3y agoCity governments certainly do not have enough money.
- strangesmells06 3y agoThey absolutely do, but they spend it on other things.
- bryanlarsen 3y agoLike what? The majority of the budget is roads, water & police.
- strangesmells06 3y ago10, 000, 000 bucks to homeless pet needs? This would be great but try and find out where a homeless person can go and get help for their pet...thats no where to be found. The money just went ...somewhere. Government's have a way of disappearing money. https://www.grants.ca.gov/grants/pet-assistance-and-support-program/#:~:text=Description%3A,experiencing%20homelessness%20going%20into%20shelters https://www.grants.ca.gov/grants/pet-assistance-and-support-....
- bryanlarsen 3y agoThat's a state program
- strangesmells06 3y agoOh so local governments arent full of waste and corruption also. Good to know.