#212303 - 05/04/2004 15:12
Thank you, Republicans!
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addict
Registered: 23/12/2002
Posts: 652
Loc: Winston Salem, NC
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I am in the process of selling my residence in order to relocate to a different state. Fortunately I was able to sell my house for 24% more than what I paid for it nearly 2 years ago.
What made me sick was the prospect of paying Capital Gains taxes next year. The problem seemed to increase when the buyer requested a $3,000 increase to the purchasing price if I agreed to pay $3,000 in closing costs (basically allowing them to finance the closing costs). While I wasn't opposed to the idea, I wanted to verify that I wouldn't have to pay taxes on the increase.
I called a CPA friend of mine to question the issue. She informed me that, thanks to the political party currently in office, Capital Gains tax is no more. I hear alot of gripes about the Republicans on these boards, but I will be singing their praises next year come tax time. I'd venture to say that you will too when it comes time to sell your residence.
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#212304 - 05/04/2004 15:18
Re: Thank you, Republicans!
[Re: Cybjorg]
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carpal tunnel
Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
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Isn't capital gains less than regular income tax? (May be showing my financial ignorance here.) Or are you aying you won't have to pay any tax on that at all (which seems unlikely)?
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Bitt Faulk
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#212305 - 05/04/2004 15:36
Re: Thank you, Republicans!
[Re: Cybjorg]
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Carpal Tunnel
Registered: 08/02/2002
Posts: 3411
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Yeah, well while your busy filling out your pary election papers, consider this;
Under the old rules, a primary residence lived in for 2 years was exempt for $250,000 (or $500,000 if married filing jointly).
Your accountant has just conned you.
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#212307 - 05/04/2004 15:46
Re: Thank you, Republicans!
[Re: Cybjorg]
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enthusiast
Registered: 08/08/2000
Posts: 351
Loc: chicago
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While your situation might not require paying capital gains tax on the sale of your home, it's not quite as simple as that. The exemption is limited to a capital gain of $250,000 (or $500,000 if you're heterosexual and married) on the sale of your primary residence, and you must have owned it for a minimum of two years, and occupied it for two of the last five years. You can also claim this deduction at most once every two years.
This was part of the Taxpayer Relief Act of 1997, so it's not exactly news. It also has nothing to do with the Bush administration, although it was a GOP-sponsored bill. You forgot to thank Clinton for signing it, though. 
--Dan.
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#212309 - 06/04/2004 07:41
Re: Thank you, Republicans!
[Re: djc]
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old hand
Registered: 01/05/2003
Posts: 768
Loc: Ada, Oklahoma
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That's right folks... Bush can be blamed for everything bad about any Republican but he can't take credit for anything good about any Republican. Come on...
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-Michael West
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#212310 - 06/04/2004 08:20
Re: Thank you, Republicans!
[Re: mwest]
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enthusiast
Registered: 08/08/2000
Posts: 351
Loc: chicago
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Umm, you want to give Bush credit for a bill passed in 1997? OK...
--Dan.
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#212311 - 06/04/2004 08:25
Re: Thank you, Republicans!
[Re: mwest]
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carpal tunnel
Registered: 27/06/1999
Posts: 7058
Loc: Pittsburgh, PA
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That's right folks... Bush can be blamed for everything bad about any Republican but he can't take credit for anything good about any Republican. Come on... All djc was saying is that Bush wasn't involved in a law that was passed in 1997, because he wasn't involved in our nation's government at the time. On the flip side, 99% of the complaints about Bush (in other threads, not in this one) have been related to things that Bush is directly responsible for, because he's the President now.
So, yes, Bush *can* be blamed for any bad thing that our government has done in the last 3+ years, because *he's the guy*. He gets all the credit and all the blame. If he didn't want that responsibility, he shouldn't have run for office.
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#212312 - 06/04/2004 08:56
Re: Thank you, Republicans!
[Re: djc]
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addict
Registered: 23/12/2002
Posts: 652
Loc: Winston Salem, NC
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This was part of the Taxpayer Relief Act of 1997, so it's not exactly news. It also has nothing to do with the Bush administration, although it was a GOP-sponsored bill. You forgot to thank Clinton for signing it, though.
Sounds like he'd be stupid not too. But that doesn't mean he wasn't stupid...
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#212313 - 06/04/2004 09:06
Re: Thank you, Republicans!
[Re: Cybjorg]
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addict
Registered: 23/01/2002
Posts: 506
Loc: The Great Pacific NorthWest
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When you get to the trench go through it, not over it.
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No matter where you might be, there you are.
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#212314 - 06/04/2004 13:20
Re: Thank you, Republicans!
[Re: Neutrino]
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old hand
Registered: 01/05/2003
Posts: 768
Loc: Ada, Oklahoma
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I wasn't really speaking directly to any post. My apologies for lack of clarity. The board is pretty heavily slanted against Republicans and Bush. I just find it a bit narrow to say that Republicans can take heat over tax relief (or at least their definition of it) but not the credit, which seemed to be the direction the entire thread was taking.
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-Michael West
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#212315 - 06/04/2004 19:43
Re: Thank you, Republicans!
[Re: mwest]
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carpal tunnel
Registered: 08/07/1999
Posts: 5549
Loc: Ajijic, Mexico
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Republicans can take heat over tax relief (or at least their definition of it) but not the credit
To my eyes, taking credit for tax relief is not something to be proud of.
We are facing the largest deficits in the history of this country, have amassed a debt that will be literally impossible for our descendants to repay, and what does our financial wizard want to do? Reduce the amount of money coming in so we can go even further into debt.
Mark my words -- we are looking at the seeds of destruction for America as we know it today.
tanstaafl.
_________________________
"There Ain't No Such Thing As A Free Lunch"
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#212316 - 06/04/2004 20:28
Re: Thank you, Republicans!
[Re: tanstaafl.]
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addict
Registered: 13/07/2002
Posts: 634
Loc: Jesusland
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To my eyes, taking credit for tax relief is not something to be proud of.
We are facing the largest deficits in the history of this country, have amassed a debt that will be literally impossible for our descendants to repay, and what does our financial wizard want to do? Reduce the amount of money coming in so we can go even further into debt.
Although I tend to lean pretty far right, I would have to agree with the tax relief and spend theory of Bush. While it doesn't make sense on paper... it really doesn't make sense in theory either. I would hate to see how much interest was spent on the $600 tax relief check I received a couple of years ago... I would prefer the government keep the money now because it will definately cost boat loads more later...
I think (this is just me thinking of course) that we are fixin' to see huge inflation in the near term. One reason being the shrinking dollar and the other being the doubling of construction products (steel and copper in particular) in the past couple of months.
....but what do I know.
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#212317 - 07/04/2004 02:27
Re: Thank you, Republicans!
[Re: Jerz]
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carpal tunnel
Registered: 13/02/2002
Posts: 3212
Loc: Portland, OR
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Although I tend to lean pretty far right, I would have to agree with the tax relief and spend theory of Bush. Did you mean to say that you agree with the theory, or agree with tanstaafl about said theory?
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#212318 - 07/04/2004 03:23
Re: Thank you, Republicans!
[Re: canuckInOR]
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addict
Registered: 13/07/2002
Posts: 634
Loc: Jesusland
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Did you mean to say that you agree with the theory, or agree with tanstaafl about said theory?
Ooooh... my bad (I should reread my posts a bit better first). I agree with tanstaafl and NOT with Bush about Tax Relief and Spend it makes no sense.
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#212319 - 07/04/2004 07:52
Re: Thank you, Republicans!
[Re: Jerz]
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addict
Registered: 23/12/2002
Posts: 652
Loc: Winston Salem, NC
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In my estimation, half the money spent by our government, Republican or Democrat, doesn't make sense.
After all, most of us have heard the joke about the man who owed the government $600 at tax time so he sent them a hammer and called it even. 
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#212320 - 07/04/2004 08:15
Re: Thank you, Republicans!
[Re: Cybjorg]
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enthusiast
Registered: 08/08/2000
Posts: 351
Loc: chicago
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In my estimation, half the money spent by our government, Republican or Democrat, doesn't make sense. Amen! Now if we could only agree on which half...
--Dan.
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#212321 - 09/04/2004 15:52
Re: Thank you, Republicans!
[Re: Cybjorg]
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addict
Registered: 24/07/2003
Posts: 500
Loc: Colorado, N.A.
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But that doesn't mean he wasn't stupid... Clinton was and is a lot of things (many of them immoral and some of them even illegal), but unintelligent is not one of them.
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-- DLF
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#212322 - 10/04/2004 17:39
Re: Thank you, Republicans & Democrats!
[Re: tanstaafl.]
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old hand
Registered: 30/04/2001
Posts: 745
Loc: In The Village or sometimes: A...
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In reply to:
To my eyes, taking credit for tax relief is not something to be proud of.
We are facing the largest deficits in the history of this country, have amassed a debt that will be literally impossible for our descendants to repay, and what does our financial wizard want to do? Reduce the amount of money coming in so we can go even further into debt.
Mark my words -- we are looking at the seeds of destruction for America as we know it today.
Hmm, Can't disagree with you here.
Except to say that, "You say that like its a Bad Thing".
I think the whole planet might breathe a huge sigh of relief if "America as we know it today" went away.
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#212323 - 13/04/2004 11:28
Re: Thank you, Republicans & Democrats!
[Re: number6]
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carpal tunnel
Registered: 08/07/1999
Posts: 5549
Loc: Ajijic, Mexico
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Except to say that, "You say that like its a Bad Thing".
Well, yeah, I have to say it will be a Bad Thing. But perhaps not for the reasons you think I'm saying it.
When America's financial infrastructure goes down the tubes, it is going to take the whole world with it. Imagine the hardships of the 1929 American depression, and extend them worldwide, to a world far more dependant on a global economy than it was 75 years ago, to a world far more vulnerable to failure of whole systems -- transportation, food production, communications, law enforcement, production of any and all trade goods -- more vulnerable because of that interdependance.
Do you remember the historical method of ending depressions? When the war that ends this one is over, there may not be anybody left to remember how or why it started.
tanstaafl.
_________________________
"There Ain't No Such Thing As A Free Lunch"
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#212324 - 13/04/2004 12:04
Re: Thank you, Republicans!
[Re: Cybjorg]
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Carpal Tunnel
Registered: 08/02/2002
Posts: 3411
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In my estimation, half the money spent by our government, Republican or Democrat, doesn't make sense.
Yep. It doesn't make any sense to have a Federal debt so large that nearly half of all annual income tax receipts go to pay just the annual interest.
_________________________
Mk2a 60GB Blue. Serial 030102962
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#212325 - 13/04/2004 12:09
Re: Thank you, Republicans!
[Re: genixia]
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carpal tunnel
Registered: 14/01/2002
Posts: 2858
Loc: Atlanta, GA
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It doesn't make any sense to have a Federal debt so large that nearly half of all annual income tax receipts go to pay just the annual interest. Well said.
_________________________
-Jeff
Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.
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#212326 - 13/04/2004 14:24
Re: Thank you, Republicans!
[Re: JeffS]
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new poster
Registered: 13/04/2004
Posts: 5
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In my opinion, the tax cuts aren't the problem. It's the spending, on both sides nowadays. I don't blame Bush for the deficit. I blame Congress. I'd like to keep more of my money, but Congress has been digging a deeper and deeper hole for the last 50 years. Cut taxes, cut the pork.
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#212327 - 13/04/2004 14:27
Re: Thank you, Republicans!
[Re: gepme]
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carpal tunnel
Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
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The administrations define the budget. Congress approves it. While you can argue that it's Congress ultimately to blame, it's the administrations that suggest these unwieldy budgets to begin with.
I mean, Congress could argue with the President for ages, but that can easily create a situation where the country's being run willy-nilly without a budget, and that's bad news. It's happened a few times.
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Bitt Faulk
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#212328 - 13/04/2004 14:35
Re: Thank you, Republicans!
[Re: wfaulk]
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new poster
Registered: 13/04/2004
Posts: 5
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I don't think the president proposes $225,000 for a Kentucky Civil War theme park or $200,000 for Cleveland's Rock and Roll Hall of Fame. Although, the spending won't stop until there's a president that isn't afraid to use his veto. The Libertarian party is looking more and more appealing...
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#212329 - 13/04/2004 17:07
Re: Thank you, Republicans & Democrats!
[Re: tanstaafl.]
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pooh-bah
Registered: 13/09/1999
Posts: 2401
Loc: Croatia
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Yeah, that's one of gloomiest aspects of globalization. Even China is not an island likely to be largely unaffected by worldwide meltdown it used to be only a decade ago... 
But current administration does not heed any warning if it clashes with extremely short term interests of their corporate puppeteers, be it about dangers of enourmous budget deficit, imminent terrorist attack or abrupt climate change (about Pentagon's warnings on the later see news, eg. in Fortune or more complete in Guardian, or the full report.)
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