To be completely fair to the A Boring Dystopia community, almost none of the comments were having the sob story.
.world post: https://lemmy.world/post/34072411
Archive link to Business Insider article: https://archive.is/RsEwG
To be completely fair to the A Boring Dystopia community, almost none of the comments were having the sob story.
.world post: https://lemmy.world/post/34072411
Archive link to Business Insider article: https://archive.is/RsEwG
Everybody is being very lazy with their math, and grossly misunderstanding just how much this 20% capital gains tax will affect this poor couple.
The first $500,000 of the sale price isn’t subject to capital gains. Assuming they purchased their expensive home in the most expensive part of California in 1990, a $700,000 capital gains tax bill would mean their sale price is somewhere between $5M and $5.5M.
These poor people are only going to be left with $4,300,000!
Ohhhh, but the article says they “desperately” listed the home for only $4.5M? Shit dude, sounds like somebody is lying somewhere in here!
My bad, honestly I just put that 3.5m number as a lower bound, as if it’s any higher, then the relative percentage is even lower.
Plus the sale price doesn’t necessarily indicate profit, which is typically what’s referenced for capital gains tax