this post was submitted on 30 Jan 2024
125 points (79.1% liked)

News

23387 readers
2476 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
rjc@lemmy.world
Thekingoflorda@lemmy.world
Tenthrow@lemmy.world
JonsJava@lemmy.world
gedaliyah@lemmy.world
little_cow@lemmy.world
jeffw@lemmy.world
enu@lemmy.world
125
Boomers wanting to downsize face huge tax bills (www.cnn.com)
submitted 10 months ago by MicroWave@lemmy.world to c/news@lemmy.world
165 comments fedilink hide all child comments
 

After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.

Both over 70, the Dragos are empty nesters, and like many of their generation, they’re trying to figure out how to downsize from their 3,000-square-foot, five-bedroom home.

“We are here in a huge house with no family nearby, trying to make a wise decision, both financially and for our well-being,” said Dragos, a retired teacher.

But selling and downsizing isn’t easy, appealing or even financially advantageous for many homeowners like the Dragos family.

Many Boomers whose homes have surged in value now face massive capital gains tax bills when they sell. This is a kind of tax on the profit you make when selling an investment or an asset, like a home, that has increased in value.

Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare. And with current prices and mortgage rates so high, there is often a negligible cost difference between their current home and a smaller one.

you are viewing a single comment's thread
view the rest of the comments
[–] partial_accumen@lemmy.world 13 points 10 months ago

So if you are ok leaving this tax law in the 90s let’s leave minimum wage there too.

Federal Minimum wage even today ($7.25) means living $81 above the poverty line of $14,891.

Example of a home seller in the article they are walking away with $1.55m after all taxes paid.

These are not the same.

Can’t have it one way

And why not?

all pay and taxes should be changed as decades move on.

I do agree with this statement. Corporations are taxed way too low, and those at the bottom of the income ladder are subject to the highest taxation relative to their assets needed for basic living.

You will be in the same predicament 30 years from now.

$1.55m in my pocket after all taxes paid from selling a home would be a wonderful predicament to be in.