Boy I sure wish I didn’t live in America where we only care about the welfare of the super rich 😒
Oh, don't worry, the tax cut only applies to second-hand market and it's so small it doesn't change anything for people that couldn't afford to buy in the first place.
And the multiple properties tax is so low it won't really hurt people with enough money to buy multiple properties.
Still, a small step in the right direction, I suppose...
Nah, we give primary homeowners a ton of benefits. Like, if you go to sell your primary home, a married couple gets up to half a million in profits that can go untaxed. If you have a second property that’s not your primary, it’s taxed as capital gains.
There’s a reason primary homes are seen as an intergenerational wealth generating vehicle in the US.
You also don’t get to claim the deductions on a second home unless you are renting it out, so property squatting is disincentivized in tax law.
Boy I sure wish I didn’t live in America where we only care about the welfare of the super rich 😒
Oh, don't worry, the tax cut only applies to second-hand market and it's so small it doesn't change anything for people that couldn't afford to buy in the first place.
And the multiple properties tax is so low it won't really hurt people with enough money to buy multiple properties.
Still, a small step in the right direction, I suppose...
Nah, we give primary homeowners a ton of benefits. Like, if you go to sell your primary home, a married couple gets up to half a million in profits that can go untaxed. If you have a second property that’s not your primary, it’s taxed as capital gains.
There’s a reason primary homes are seen as an intergenerational wealth generating vehicle in the US.
You also don’t get to claim the deductions on a second home unless you are renting it out, so property squatting is disincentivized in tax law.