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This boomer couple would be hit with $700,000 tax bill if they sold their mansion
(www.businessinsider.com)
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Yeah, and the tax is only on the profit they make, not the entire selling price.
Yeah but profit is just how long you’ve lived there
And any capital improvements will lower that ‘profit’ too. So anything from a new water heater to a new roof can be used to raise the cost basis of the home lowering the tax paid.
Both of those examples are “regular maintenance” that aren’t legally capital improvements
At least as importantly , who tracks this stuff for the decades you might live in a house. I always thought this exemption was good in fairness alone: as someone just trying to live, I’m unlikely to keep the decades of paperwork needed for this, whereas a wealthy person with an accountant or business manager would