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Re: Re: Re: It's not what you gross...
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Posted by Skycarp on April 30, 2004 at 07:18:27 from (63.77.108.2):
In Reply to: Re: Re: It's not what you gross... posted by paul on April 30, 2004 at 06:30:55:
To Follow up on what Paul said; This is the reality and result of our current tax system. I lived it when I retired recently. In the early '70's I bought a piece of property for $28K. Over the years I paid off the loan and converted the property to income property. I recently retired I wanted to move to a slower life, so I sold the property at a nice profit of $325K. Much of this increase in value was a result of inflation over the years. Because of the basis of $28K the IRS intended to tax me on the difference between basis and selling price (Capital Gains Tax at 15%). I had 45 days from closing date to identify property I was going to reinvest the profit in, and I had to close the deal by the time taxes were due for that tax year, or pay capital gains tax on the whole amount. This to save paying a huge tax on evaluation as a result of inflation over the years. I didn't cause inflation, the government did. And then the government intended to make me pay for it. This may be the cause of some country property prices being out of reach of the local folks. We urban folks need to protect our investment in inflated land prices when we retire. Sorry it is happening to the country families, but all things are not equal in our system.
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