khall_12_34 - 10/25/2012 23:27

If i'm reading it correctly, the important part of the fact-checker thingy is this-

And it does say the tax falls on "net gain … attributable to the disposition of property." That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is "taken into account in computing taxable income" under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)

Who cars about taxes on their house? Theres exemptions for primary residences and that whole complicated formula... 250k yada yada yada....... 

The take away from this is- Fiscal cliff, Bush tax cuts expire... Cap gains on ag. land goes from 15% to 20%. Add Obamacare in there and cap gains goes to 23.8%.

Any wonder my local newspapers look like an couple auction companies got together and threw up all over the back pages?