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[deleted] t1_ivrda89 wrote

Reply to comment by sihtydaernacuoytihsy in I’m surprised by this Essex County by A__SPIDER

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gameface23 t1_ivrhtao wrote

I could be completely wrong, but I believe it’s only $4k. The tax is only on anything OVER a million, so $400,000 * .01 = $4,000.

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PM_me_PMs_plox t1_ivrlzo9 wrote

Only on the appreciation after write offs. It appreciated by $1,400,000 - $300,000 = $1,100,000. Then you get to write off at least $250,000, so you're only taxed on at most $850,000 and the law doesn't even apply to you. (Unless you make more than $150,000 some other way. So in order to even hit that $4k in taxes you'd need to have a salary of $550k in addition to all this, or more if you're married.)

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georgvontrap t1_ivrsvp6 wrote

Dang thanks for that reminder/clarification, you’re totally right

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PM_me_PMs_plox t1_ivru293 wrote

On Cape we know all about house price appreciation... unfortunately...

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