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If you plan on selling your home, do it now

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  • If you plan on selling your home, do it now

    Unless you've lived in it for 5 years. Still being reconciled between House and Senate but the cap gain exclusion looks to be changing.

    http://www.floridarealtors.org/NewsA...?p=2&id=359621



  • #2
    Yea, planning on selling in the spring. This is going to fuck me really really bad.

    Not enough time to do anything about it.

    Assuming it passes, I may just keep it and rent it out instead of selling it. Going to be really tough to step over $25,000.

    Especially pissed off b/c I bought when and where I did specifically b/c I knew what this law was, how the property would appreciate, and when I would be ready to move again.
    Last edited by Foster4Prez; 12-04-2017, 10:41 AM.

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    • #3
      It really sucks. We are moving most likely to Dallas next year and this will hit us as well. I don't know what they were thinking. I know being affiliated with the real estate industry that they are not happy campers about some of these changes. Of course, real estate runs this geriatric state lol.

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      • #4
        Been in my house since '99, I'm good.

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        • #5
          Republicans are deliberately tanking the housing market. Not sure why.

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          • #6
            They are overvalued.

            Now if they could get higher education costs down to a true market value.

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            • #7
              Originally posted by PBS View Post
              They are overvalued.

              Now if they could get higher education costs down to a true market value.
              LMFAO - there go republicans being all socialists - how dare liberal college professors make all that money. everybody should be paid $24,000/YEAR just like high school teachers.

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              • #8
                This is plain stupid. So stupid.

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                • #9
                  I can see how this is bad right now if someone is moving cities, but it seems like a fair ordeal for people making a living house flipping. I'm gathering it is you have to live in it for 5 years period or you're taxed?

                  I've lived in mine for two, but plan on being in it for 10 more......

                  Let's just make sure we're not starting scare tactics and talk about it.

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                  • #10
                    Originally posted by FuqMizzou View Post
                    I can see how this is bad right now if someone is moving cities, but it seems like a fair ordeal for people making a living house flipping. I'm gathering it is you have to live in it for 5 years period or you're taxed?

                    I've lived in mine for two, but plan on being in it for 10 more......

                    Let's just make sure we're not starting scare tactics and talk about it.
                    But those people we already being taxed, as almost none of them were even doing the 2 in 5.

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                    • #11
                      Originally posted by theBHMAguy

                      But those people we already being taxed, as almost none of them were even doing the 2 in 5.


                      This. It affects first time homebuyers who have a “starter home” more than anything.

                      I’m a 32 year old single guy who bought a small 2 bed 2 bath inner city row home. It’s completely realistic that within 5 years my life situation is completely different and I’d have to move. This could bone me pretty hard.

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                      • #12
                        Originally posted by ivegostdacityblues View Post



                        This. It affects first time homebuyers who have a “starter home” more than anything.

                        I’m a 32 year old single guy who bought a small 2 bed 2 bath inner city row home. It’s completely realistic that within 5 years my life situation is completely different and I’d have to move. This could bone me pretty hard.
                        You should be more worried about the realtors who will rape you for 6% of the total value for two weeks work.

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                        • #13
                          Originally posted by FuqMizzou View Post

                          You should be more worried about the realtors who will rape you for 6% of the total value for two weeks work.
                          If you are in a hot market why use a realtor at all?

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                          • #14
                            It's going to be a great time for developers though. If people can't flip their homes without taking a big tax hit, inventory is going to drop, and that creates an opportunity for developers. It sucks for people who want to upgrade or something, but the people in DC don't give a shit, they just want to help out their donors.

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                            • #15
                              Originally posted by FuqMizzou View Post
                              I can see how this is bad right now if someone is moving cities, but it seems like a fair ordeal for people making a living house flipping. I'm gathering it is you have to live in it for 5 years period or you're taxed?

                              I've lived in mine for two, but plan on being in it for 10 more......

                              Let's just make sure we're not starting scare tactics and talk about it.
                              Hey genius, people who make a living flipping houses aren't using them as permanent residences for two years so the original rule doesn't even apply to them.

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