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So if you buy a house for 200k, keep it for 30 years and sell for 700k, you have to pay tax But buy a house for 200k, sell after 15 years for 450k, buy a new o
by ta1243 2y ago
So if you buy a house for 200k, keep it for 30 years and sell for 700k, you have to pay tax
But buy a house for 200k, sell after 15 years for 450k, buy a new one for 450k, then sell that after 15 years for 700k, you pay no tax?
- noodlesUK 2y agoIn the U.S., yeah that’s how it works.
- lotsoweiners 2y agoIn the US most people file taxes with the standard deduction since 2017. I’ve been homeowner with a mortgage since 2005 but haven’t gotten a mortgage deduction in like 6 years. https://www.cnet.com/personal-finance/taxes/should-you-itemize-your-taxes-instead-of-taking-the-standard-deduction/ https://www.cnet.com/personal-finance/taxes/should-you-itemi...
- ta1243 2y agoAhh, so it seems that mortgage interest payments come off before tax?!