89
Boomers wanting to downsize face huge tax bills
(www.cnn.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 30 Jan 2024
89 points (78.0% liked)
News
23275 readers
3497 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
They were empty nesters 10 and 20 years ago too most likely. They got greedy and now they don't want to pay tax on the absurd increase in value of their house?
Cry me a river. The only feelings this should spark in anybody reading it is anger and hatred. Greedy, repulsive people.
It's fine to be frustrated with the housing market but it seems like you're directing that frustration at these people as if they're responsible for it and that's not really the case. You're making a lot of assumptions about their motivations that don't seem fair to me. Get angry at real estate investors, lobbyists, and politicians, not two random people trying to sell their house.
I appreciate the "all sides of the conversation" approach, but their gripe is with having to pay taxes on completely bonkers returns. That's not a surprise for anyone.
That's not what the article says.
Sure, they'd make a lot of money selling their house. But if it's your only residence, you can't just sell your house unless you're willing to move away from your home, potentially any remaining family, etc. Places a lot of people have lived for generations.
Because you have to buy another home. And the article states that mortgage rates are ridiculous, house prices are very high for all homes, they simply can't find smaller homes in a lot of cases because builders are primary building huge houses, and the capital gains tax is impacting single-family houses in a way it wasn't designed for. They are essentially trying to downsize and coming out worse or the same as if they stayed in too large of a house.
This is bad for everyone: people can't downsize, people who want/need larger homes can't find any on the market, builders continue to think big houses are what people want and keep only building them, people can't move into/out of neighborhoods causing them to stagnate, etc.
The reason they've earned some frustration is not because they bought a house in SoCal the 90s. The reason they've earned some frustration is because after living in a house in SoCal for 33 years and raising four children in it, they felt like they wouldn't earn "enough" money from reselling it. This feeling of entitlement was so strong that they complained to an international news corporation about it.
Even if they didn't create the unjust system, they clearly benefit from it and will do whatever it takes to get what they consider to be their piece of the pie. They want the real estate system to work as designed-- because how else would they get their money?
The thing that really gets me is that one of them is a retired teacher. He dedicated his life to helping young people. He's got to be educated enough to do some self-reflection. But this mindset that he has about real estate and profit is destroying the world for the same exact people he's worked so hard to help.
The house is worth 2mil.
I'm not sure what point you're trying to make, and I also checked the article and couldn't find a source for that number
My point is millionaires should STFU and stop whining. Obv u disagree.
You vastly misunderstood what I was talking about. They are greedy. They want to realize those gains and not pay taxes. Greed. This has nothing to do with anything else. They were happy to see the value go up as high as possible until they realized they need to pay their fair share. I'm angry at them for being greedy.
_ directing that frustration at these people as if they’re responsible for it_
Yeah.. their voting policies over the years, they are.
Not every person over 50 is a republican.
They got greedy by living in a house. Right .
Nope. They got greedy by staying in that house for as long as possible to maximize their gains, and by then bitching about taxes.
Try harder next time.