RE: transcending racial prejudice

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rulemylife -> RE: transcending racial prejudice (11/9/2008 8:16:07 PM)
quote: ORIGINAL: Naga quote: ORIGINAL: rulemylife I did not suggest you are simple-minded, but you seem to have asked what Obama's plans are and you also seem to ignore the answers. You constantly refer to his raising taxes when that is only partially true. Unless you make more than $250k a year you will see less tax not more. You realize that went down to roughly $100K, don't you? They kept lowering it during the campaign. And we will all see more because he has already stated that he would let the Bush tax cuts expire. You might want to talk to your accountant. When they expire, it will effect everyone. No, I don't realize that. You might want to talk to your accountant, or at least talk to Mr. Google before you keep spitting these things out without documentation. He is letting the Bush tax cuts expire on those in the upper tax brackets but retaining all the rest and promising further reductions.

rulemylife -> RE: transcending racial prejudice (11/9/2008 8:19:36 PM)
quote: ORIGINAL: bestbabync what about if i sell my home. if capital gains taxes are raised will i have to pay 28% on my profits? The capital gains rate is currently at 15%. Obama is proposing raising it to 20%. If you live in the home you own you do not pay capital gains tax on its sale. That will not change.

slvemike4u -> RE: transcending racial prejudice (11/9/2008 8:22:50 PM)
quote: ORIGINAL: bestbabync what about if i sell my home. if capital gains taxes are raised will i have to pay 28% on my profits? Well BestBaby,after selling your house what shall you do.Won't you be buying a new house,and if not wouldn't you be investing your profits in some form or fashion.I ask these questions because depending on what you do post sale there is very little cahnce you would be paying 28% on "your profits" .Tax advice and the means to lessen one's tax burdenis only a phone call away....I would suggest if you sell your house you get some help.

Daddysredhead -> RE: transcending racial prejudice (11/9/2008 8:23:10 PM)
quote: ORIGINAL: GreedyTop observer.. meet DRH (affectionately known as Red).. I think the two of you will get along famously......:) Red..meet observer (she's kinda close to you) and she's obviously wicked smart.. and despite this thread I think the two of you havemuch in common as far as world views go :) maybe more? hugs Hi, observer! I've seen you out and about a little on the threads. Glad to know you. [:)] You live nearby. Very nice. I'm glad you have the same well wishes for our President Elect and our country. Hopefully sooner than later, the US get its chance to exhale. Again, nice meeting you. Red

Joenextdoor -> RE: transcending racial prejudice (11/9/2008 8:26:07 PM)
I believe you do not pay capital gains taxes only if you invest the entire proceeds in a new house. There are some exemptions in the code, but for the most part, a gain is a gain, and is taxable.

slvemike4u -> RE: transcending racial prejudice (11/9/2008 8:26:44 PM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: bestbabync what about if i sell my home. if capital gains taxes are raised will i have to pay 28% on my profits? The capital gains rate is currently at 15%. Obama is proposing raising it to 20%. If you live in the home you own you do not pay capital gains tax on its sale. That will not change. Well there you go Bestbaby,another worry shot to hell?

bestbabync -> RE: transcending racial prejudice (11/9/2008 8:27:17 PM)
oh my, then the tax increase may hurt small businesses like real estate agencies?

LadyHibiscus -> RE: transcending racial prejudice (11/9/2008 8:29:02 PM)
If you have lived in your main residence three years out of five, a single person can exclude 250K in gains, a married couple can exclude 500K. That rule has been around about ten years... that's why most home sales are not reported anymore. If you have lived in the house less time, due to relocations from work, you can prorate the exclusion.

Daddysredhead -> RE: transcending racial prejudice (11/9/2008 8:29:19 PM)
quote: ORIGINAL: bestbabync what about if i sell my home Be glad you own a home that's not on the chopping block. In Virginia, Prince Wm. County is seeing upwards of 600 new forclosures each month, and Loudoun County is seeing between 200-300 per month. One in every 103 homes in Loudoun Co. is now in foreclosure, but Prince Wm. Co. has the highest in the state. If you can sell it in this economy, good for you. Are you really going to be making over $500K in profit from its sale? (I think that's still the toggle mark.)

LadyHibiscus -> RE: transcending racial prejudice (11/9/2008 8:31:29 PM)
Shoot, Red, I live in MICHIGAN! Y'all are amateurs next to us when it comes to...well, any kind of economic disaster![&:]

Joenextdoor -> RE: transcending racial prejudice (11/9/2008 8:32:17 PM)
The tax increases will hurt small business, and I own one that will feel the impact of it. I do construction, but also buy land and build houses, that I put on the market for sale. The profits from said sale are taxed as capital gains, not regular income, and therefore any increase in capital gains WILL impact me. I am anxiously awaiting to see just what he feels it should be. I know during the primaries he was somewhere around 29%. We will see, but that would effectively be doubling my taxes....so much for not impacting small business.

bestbabync -> RE: transcending racial prejudice (11/9/2008 8:32:25 PM)
oh my that is sad! i have barely held onto my home. i consider myself lucky.

slvemike4u -> RE: transcending racial prejudice (11/9/2008 8:33:31 PM)
quote: ORIGINAL: bestbabync oh my, then the tax increase may hurt small businesses like real estate agencies? So you present one dilemma, it gets shot down....you manufacture another.You are determined to see doom and gloom in an Obama Presidency,sort of like Joe the Plumber on steroids....good luck with that,have fun for the next 8 years.

bestbabync -> RE: transcending racial prejudice (11/9/2008 8:34:36 PM)
quote: ORIGINAL: Joenextdoor The tax increases will hurt small business, and I own one that will feel the impact of it. I do construction, but also buy land and build houses, that I put on the market for sale. The profits from said sale are taxed as capital gains, not regular income, and therefore any increase in capital gains WILL impact me. I am anxiously awaiting to see just what he feels it should be. I know during the primaries he was somewhere around 29%. We will see, but that would effectively be doubling my taxes....so much for not impacting small business. i am sorry to hear that Joe....seems there is a problem here

LadyHibiscus -> RE: transcending racial prejudice (11/9/2008 8:35:20 PM)
Before everyone has a cow, remember that the PRESIDENT is not the person who raises taxes, CONGRESS does. Our new tax laws are formed by the various ways & means committees, and are beaten up by a host of tax specialists before the president gets to sign off or veto. If you are unhappy about the future tax situation, contact your congressperson and senator! And, remember that the money to keep the country going has to come from somewhere, and that means us, like it or not.

Daddysredhead -> RE: transcending racial prejudice (11/9/2008 8:36:03 PM)
quote: ORIGINAL: Joenextdoor I believe you do not pay capital gains taxes only if you invest the entire proceeds in a new house. There are some exemptions in the code, but for the most part, a gain is a gain, and is taxable. My (then) husband and I sold our house 3 years ago, made about a decent profit, not 500K, but more than 125K, and it was not taxable because we used it to pay off debt and such. Our accountant explained the in's and out's because it's not so cut and dry as all gains are taxable. A tax professional is the best one to get personal advice from in a specific situation.

Naga -> RE: transcending racial prejudice (11/9/2008 8:36:24 PM)
quote: ORIGINAL: rulemylife No, I don't realize that. You might want to talk to your accountant, or at least talk to Mr. Google before you keep spitting these things out without documentation. He is letting the Bush tax cuts expire on those in the upper tax brackets but retaining all the rest and promising further reductions. I did talk to my accountant, it was how I knew to begin making my plans to start with. I have documented things in the past, but since people keep ignoring them, why would I want to continue doing so?

bestbabync -> RE: transcending racial prejudice (11/9/2008 8:36:51 PM)
quote: ORIGINAL: slvemike4u quote: ORIGINAL: bestbabync oh my, then the tax increase may hurt small businesses like real estate agencies? So you present one dilemma, it gets shot down....you manufacture another.You are determined to see doom and gloom in an Obama Presidency,sort of like Joe the Plumber on steroids....good luck with that,have fun for the next 8 years. i did not manufacture this. i just remembered the discussion i had with someone else about capital gains taxes being raised. another reason i did not vote for him.

Daddysredhead -> RE: transcending racial prejudice (11/9/2008 8:39:15 PM)
quote: ORIGINAL: LadyHibiscus Shoot, Red, I live in MICHIGAN! Y'all are amateurs next to us when it comes to...well, any kind of economic disaster![&:] So I've heard, Hib. So sad. sigh

mc1234 -> RE: transcending racial prejudice (11/9/2008 8:40:08 PM)
quote: ORIGINAL: theobserver Well, call yourself whatever you like, but my um's will not refer to themselves as mutts and neither will I refer to them as that. I would not refer to yours as mutts either. I still find it an asinine reference but to each their own. When asked our background, our family members will say 'we're mutts.' I have very mixed blood - some Irish/English/German/Polish/Austrian/you name a European background, it's probably in there somewhere. I smiled when Obama referred to himself that way.

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