RE:RE:RE:RE:RE:FP TAKE On Capital Gains CHANGES For 2024 the liberal gov't has comtemplated to tax capital gain from selling principal residence.
There is a loophole where some people exploits the tax free status to flip principal residence. It's just matter of time when gov't is desperate enough for money and this is a sure way to grab more money and close the loophole.
ztransforms173 wrote: - you DO NOT HAVE ANY CAPITAL GAINS on PRINCIPAL RESIDENCE
- ONLY REVENUE PROPERTIES TRIGGER CAPITAL GAINS in the HOUSING WHERE you are a RESIDENT
- the VAST MAJORITY of the "MIDDLE CLASS" do NOT have RENTAL INCOME PROPERTIES
- STILL, I AGREE that it is a TERRIBLE IDEA to INCREASE the 50% INCLUSION RATE on CAPITAL GAINS to 2/3 over a $ 250,000 per year
z173