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RE: transcending racial prejudice - 11/9/2008 8:41:52 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		Hell BestBaby you had a bagfull of reasons didn't you.

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to bestbabync)
Profile   Post #: 161
RE: transcending racial prejudice - 11/9/2008 8:43:06 PM   
bestbabync


Posts: 1061
Joined: 7/25/2007
Status: offline 		yeah

_____________________________

"A woman is the only thing I am afraid of that I know will not hurt me" Abraham Lincoln
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Profile   Post #: 162
RE: transcending racial prejudice - 11/9/2008 8:44:47 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
Status: offline
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. 


Capital gains and real estate sale: Tax rules give break to home ...
One of the best tax breaks around is the home-sale exclusion. A homeowner can
make up to $250000 profit (twice that if married) when he sells his principal
...
http://www.bankrate.com/brm/news/real-estate/20041018a1.asp  

"Some sellers are surprised by this break, especially if they've been in their homes for a while. That's because before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, more-expensive house within two years. Sellers age 55 or older had one other option. They could take a once-in-a-lifetime tax exemption of up to $125,000 in profits. And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.
But when the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers. The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion amounts.
"There is some logic to this law change because most people under the prior rules didn't recognize a taxable gain because they rolled it over into another residence," says Trinz. "The change essentially makes it easier to dispose of your residence."
Still some requirements to meet
If you used pre-1997 rules for residential sales, don't worry. That doesn't disqualify you from claiming the exclusion on any residential sales now. The law change applies to all sales since it took effect.
Another bonus of the new rules: You don't have to buy another home with your sale proceeds. You can use the money to travel to Europe in style, buy an RV and drive across the country or get all those designer shoes you never could afford before."


(in reply to Joenextdoor)
Profile   Post #: 163
RE: transcending racial prejudice - 11/9/2008 8:49:21 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
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quote:

ORIGINAL: bestbabync

oh my, then the tax increase may hurt small businesses like real estate agencies?


How exactly do you perceive that hurting real estate agencies?

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Profile   Post #: 164
RE: transcending racial prejudice - 11/9/2008 8:49:40 PM   
bestbabync


Posts: 1061
Joined: 7/25/2007
Status: offline 		this is totally off topic, but will this loophole you mention help a small business?  sounds like it applies only to a homeowner's sale of their primary home.

_____________________________

"A woman is the only thing I am afraid of that I know will not hurt me" Abraham Lincoln
"Choose Life, your mother did!"
www.howobamagotelected.com
http://www.lp.org/platform
http://www.youtube.com/watch?v=V2CaBR3z85c

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Profile   Post #: 165
RE: transcending racial prejudice - 11/9/2008 8:51:18 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		Small business's have their own tax loophole's.

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to bestbabync)
Profile   Post #: 166
RE: transcending racial prejudice - 11/9/2008 8:55:57 PM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline
quote:

ORIGINAL: bestbabync

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. 

Instead of believing everything in a discussion, have you tried looking at organizations like Factcheck, or going straight to a candidate's website?  There are many ways to find the facts you're looking for.

thornhappy

(in reply to bestbabync)
Profile   Post #: 167
RE: transcending racial prejudice - 11/9/2008 8:57:23 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
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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.


Again, the current capital gains rate is at 15%, he has proposed raising it to 20%.

I can find you documentation if you like but it is pretty self-evident that if he is going to raise it to 29% then you might just as well eliminate it and tax capital gains as ordinary income.

(in reply to Joenextdoor)
Profile   Post #: 168
RE: transcending racial prejudice - 11/9/2008 8:59:37 PM   
bestbabync


Posts: 1061
Joined: 7/25/2007
Status: offline 		yeah....thank you.  i did check out the PE website before the election.  the tax loopholes were not on it. 

_____________________________

"A woman is the only thing I am afraid of that I know will not hurt me" Abraham Lincoln
"Choose Life, your mother did!"
www.howobamagotelected.com
http://www.lp.org/platform
http://www.youtube.com/watch?v=V2CaBR3z85c

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Profile   Post #: 169
RE: transcending racial prejudice - 11/9/2008 9:02:10 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
Status: offline
quote:

ORIGINAL: Naga


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?


Well, I'll make you a deal.  If you document your claim on how everyone's taxes are going to be raised under Obama I promise not to ignore it.

(in reply to Naga)
Profile   Post #: 170
RE: transcending racial prejudice - 11/9/2008 9:03:28 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		And I promose I will

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to rulemylife)
Profile   Post #: 171
RE: transcending racial prejudice - 11/9/2008 9:08:32 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
Status: offline
quote:

ORIGINAL: bestbabync

this is totally off topic, but will this loophole you mention help a small business?  sounds like it applies only to a homeowner's sale of their primary home.


It's not a loophole, it's tax law and it is only meant to apply to homeowners.  Which is what you asked about, how the capital gains tax would affect you selling your home.


(in reply to bestbabync)
Profile   Post #: 172
RE: transcending racial prejudice - 11/9/2008 9:12:46 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline 		Rule in truth I am as guilty as bestbaby of mischaracterizing tax laws as loopholes,it is the snarky in me...sorry.

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to rulemylife)
Profile   Post #: 173
RE: transcending racial prejudice - 11/9/2008 9:17:03 PM   
bestbabync


Posts: 1061
Joined: 7/25/2007
Status: offline 		i have one more question off topic and i will not ask another.

what profession will make the most money in the next 8 years??

i know i know!!!

Accountants......LOL!!! 

_____________________________

"A woman is the only thing I am afraid of that I know will not hurt me" Abraham Lincoln
"Choose Life, your mother did!"
www.howobamagotelected.com
http://www.lp.org/platform
http://www.youtube.com/watch?v=V2CaBR3z85c

(in reply to slvemike4u)
Profile   Post #: 174
RE: transcending racial prejudice - 11/9/2008 9:50:36 PM   
Naga


Posts: 147
Joined: 10/11/2008
Status: offline
quote:

ORIGINAL: rulemylife

Well, I'll make you a deal. If you document your claim on how everyone's taxes are going to be raised under Obama I promise not to ignore it.



Real quick:

http://www.realclearmarkets.com/articles/2008/11/is_obama_swiping_the_taxcut_is.html

You can also google Wall Street Journals on the topic. For example:

http://online.wsj.com/article/SB122463231048556587.html?mod=googlenews_wsj

http://online.wsj.com/article/SB121910303529751345.html?mod=googlenews_wsj

(in reply to rulemylife)
Profile   Post #: 175
RE: transcending racial prejudice - 11/9/2008 10:44:16 PM   
blacksword404


Posts: 2068
Joined: 1/4/2008
Status: offline
quote:

ORIGINAL: bestbabync

quote:

ORIGINAL: camille65

Doesn't he call himself black?
Are you the one that determines what he is permitted to call himself now?



for Christ sake!  people speak of racism and how it should not exist, then they put labels on themselves and others. they dangle it and say to the world, "look, we now have a black president!"  just like the political party argument.  both the dems & pubs vote most time the same.  we are all americans not black, white etc. 
since i have such a mixed racial background i consider myself an american, not black or white. 


We are what we are. Regardless of how you consider yourself.  Others see you however the see you. Obama's father was not an ancestor of American slaves. And i don't think his mothers sides ancestor Had slaves. So he is outside the slavery bubble. But When some racist walks up on him i doubt they see anything other than the black skin he has. If his skin was much lighter i guess he wouldn't have that problem. So i see why he says he is black.

I listen to a lot of radio on XM radio and most of the time a host says he is the first black president a white person calls up and reminds them that he is half white. Their meaning being as successful as he has been he is not fully black. So Ha ha even this you can't have. It's funny to hear them talk. Some will never let go of their hatred. After it has taken everything else, the hate is all they have left.

_____________________________

Don't fight him. Embrace your inner asshole.

Tu fellas magnus penum meum...iterum

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Ego sum erus.

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(in reply to bestbabync)
Profile   Post #: 176
RE: transcending racial prejudice - 11/9/2008 11:02:11 PM   
blacksword404


Posts: 2068
Joined: 1/4/2008
Status: offline
quote:

ORIGINAL: bestbabync

oh and i forgot!

i see our PE as a man, not a white man or a black man.  i am not wearing rose colored glasses and i did not drink the koolaide. 

but i pray for our country and PE Obama.  i respect him for his courage, i would never wish him ill and i do want him to succeed for all our sakes.




Do you hate both sides of your heritage that much that you refuse to accept them?

_____________________________

Don't fight him. Embrace your inner asshole.

Tu fellas magnus penum meum...iterum

Genuine catnip/kryptonite.
Ego sum erus.

The capacity to learn is a gift, the ability to learn a skill, the willingness to learn a choice. Dune HH

(in reply to bestbabync)
Profile   Post #: 177
RE: transcending racial prejudice - 11/9/2008 11:52:41 PM   
stella41b


Posts: 4258
Joined: 10/16/2007
From: SW London (UK)
Status: offline
quote:

ORIGINAL: blacksword404

quote:

ORIGINAL: bestbabync

oh and i forgot!

i see our PE as a man, not a white man or a black man. i am not wearing rose colored glasses and i did not drink the koolaide.

but i pray for our country and PE Obama. i respect him for his courage, i would never wish him ill and i do want him to succeed for all our sakes.




Do you hate both sides of your heritage that much that you refuse to accept them?


This is exactly what I was thinking.

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Profile   Post #: 178
RE: transcending racial prejudice - 11/9/2008 11:54:24 PM   
theobserver


Posts: 456
Joined: 8/18/2008
Status: offline
quote:

ORIGINAL: Daddysredhead

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


Nice to meet you, but I live far away from you. I live in Washington/ Pacific Northwest and you are in Virginia! *lol*


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Profile   Post #: 179
RE: transcending racial prejudice - 11/9/2008 11:55:26 PM   
theobserver


Posts: 456
Joined: 8/18/2008
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quote:

ORIGINAL: GreedyTop

*adores rule*


This has nothing to do with the current discussion but ...

Thank you Miss Greedy for the nice compliments. :)


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Profile   Post #: 180
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