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Why should you have to pay taxes on something you won?? You didn't buy it, you won it. Just like the inheritance tax, someone already paid taxes on that money now you have to. I don't know about this country sometimes.
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well get this.. he owes 172k but if he sales the home for say 400k he has to pay tax on that and it would be like 190 k. the poor guy only make like 40 k on a 400k home.... this is so wrong...
well get this.. he owes 172k but if he sales the home for say 400k he has to pay tax on that and it would be like 190 k. the poor guy only make like 40 k on a 400k home.... this is so wrong...
Huh? If he owns a house now, he can sell that, and use the money to pay the taxes on the house he won (remember, the first $500K of profit on the sale of your primary home is tax free). If he doesn't own a home currently, he can take out an equity line of credit against the home he won, and pay the taxes with that... effectively giving him a 400K house for only 172K. If he has bad credit and does not own a home, he can sell the house he won and pay the 172K in taxes he owes, and that's it... he would walk away with 228K dollars. (remember the first $500k of profit on the sale of home is tax free)
How are we supposed to feel bad for him?
Huh? If he owns a house now, he can sell that, and use the money to pay the taxes on the house he won (remember, the first $500K of profit on the sale of your primary home is tax free). If he doesn't own a home currently, he can take out an equity line of credit against the home he won, and pay the taxes with that... effectively giving him a 400K house for only 172K. If he has bad credit and does not own a home, he can sell the house he won and pay the 172K in taxes he owes, and that's it... he would walk away with 228K dollars. (remember the first $500k of profit on the sale of home is tax free)
How are we supposed to feel bad for him?
this is not his primary home. he still lives in his first home. when he sales the property he won he has to pay taxes on that because its not his primary. im not assking anyone to feal bad for him. im complaining about how our tax system is screwed up.
i get these figures from the news.. granted the news is not always correct. there statement was if he sales the propert and pays all the taxes for the prize and then for the income tax i think is what they said it would go under if he sales the home"not sure" the the realtor fees he would make like 40k now thats is insane for someone that WON a 400k home..