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View Diary: Warren Buffett's latest op-ed will bring mutters of 'class traitor.' But he doesn't go far enough (117 comments)

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  •  There is already a limit to cap gains taxed (1+ / 0-)
    Recommended by:
    RandomNonviolence

    on the sale of a residence.  Last I heard I think it was the first $200K on the sale price was exempt, although it may be more now.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Mon Nov 26, 2012 at 09:17:52 PM PST

    [ Parent ]

    •  IRS has the answer (2+ / 0-)
      Recommended by:
      howd, SueDe

      in Publication 523:

      ...You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home ...

      ...You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons...

      •  Ah, it has gone up. (0+ / 0-)

        Thanks Random.  I didn't have time to look it up this morning.

        "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

        by SueDe on Tue Nov 27, 2012 at 02:08:11 PM PST

        [ Parent ]

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