You think a new president will immediately fix the economy so people are selling homes for a huge profit? Not gonna happen.
Wow, you're a confused little man. If you're not a liar, then you really are batshit crazy. As for your contention that hospitals don't provide healthcare to uninsured people, that's patently false. My mother's last three jobs were running Tuality, Meridian Park and Emanuel. Perhaps you've heard of them. I assure you that all hospitals provide treatment. It may not be everything you wish, but it's healthcare. The vast majority of the time it's free. Sometimes, they'll work out a payment schedule. Emanuel in 2007 lost over $20MM by giving away these services. And they provide ongoing care services for free, not just emergency services. However, it seems that you want all your healthcare and not pay a dime for it. Gee, that sounds swell. As for not getting all the tests you'd like to have, that's a choice. You can either purchase insurance, pay your bill in cash or work out a payment plan. I've even known people to barter. If you can't afford insurance, you likely qualify for Medicaid. Health care is a good just like any other. You only have a right to it in the sense that the government can't restrict you from seeking it. So, you're either woefully uninformed or you're lying. Which is it?
Yeah, I do. In 1981, my wife and I bought our first house, for $52,000 in the chicago suburbs. When we applied for our mortgage, we locked in a rate of 18 7/8th %. In the 90 days it took to close, the rates dropped to 12 3/8th %, saving us $450/month in mortgage payments. Real estate basically took off from there. Three years later, we bought a place in the SF Bay Area for $144,000 that was worth over $1M before democrats took over congress in 2007. But nah, even after days of malaise like Jimmy Carter gave us and now Obama is giving us, a new president can't make a difference, right?
speaking of a big deal, check this out http://accessories.us.dell.com/sna/products/Video_Conferencing/productdetail.aspx?c=us&l=en&s=dhs&cs=19&sku=A3556900&dgc=CJ&cid=24471&lid=566643&acd=10550055-1225267-u0t0f0fp32166c0s441
I have insurance, so I get healthcare. But your mother lied to you if she said Meridian Park Hospital provides healthcare to uninsured people. It's a great hospital IF YOU CAN AFFORD IT IMO, and my father had numerous insurance-covered heart and other major operations and procedures there over the years. Great, talented staff of physicians. You keep changing terms and points but you can't change the facts. It's never free, that's ridiculous. True, hospitals will write off a loss when it's obvious they can't collect, because it's financially beneficial for them to do so. But they will bill the poor person the same monumental fees they bill everyone else, and they will hound him/her or their collection agency will including filing lawsuits, putting liens on homes, garnishing wages...just like a car dealer when you miss a few payments. As for how Meridian Park treats the poor seeking healthcare, my best friend (disabled and living on about $300 month, went there with severe chest pains which he had been having for 2-3 weeks. Despite a history of organ failures and past (but not recent) alcohol abuse they did no tests at all, and told him it was most likely indigestion. Despite his persistence that he was quite fearful he was having heart attacks they refused to even diagnose him because his Oregon Health Plan had dropped his insurance due to lack of state funds. He died at 52 of a massive heart attack later that week.
Not quite. I can pay my way. But yes, I do want every single AMERICAN to have healthcare, whether they can pay or not. It's a pre-requisite to becoming a civilized society.
Question: If you purchase a house to live in sometime in the 70s for let's say $30K and you sell it for $300K, is that not a capital gain? I think it is. More importantly, the IRS thinks it is. Unless you purchase another home with the proceeds, you're paying that extra tax. And if you're a couple looking to retire, that $10,540 out of the $270K takes a bite. Furthermore, if you're a person who makes a modest living through the hard work of being a landlord, your payoff is at the end when you sell your property. If you've owned a property for a long time, you've depreciated it sometimes all the way to zero. Your capital gains are massive. So a lifetime of hard work gets penalized. It seems a shame to penalize those people who have made wise investments. And since you're so experienced in real estate and all, I'm sure you know that not all owners of valuable properties are wealthy. For most people, their house is their largest investment.
Not sure how that proves your point but it sounds like your mortgage broker made a killing off you. Real Estate in Oregon has increased in value roughly 6% per year on average, ever since records were kept in the early 1900's. Despite the smoke and mirrors caused by Bush/Cheney economics that caused the bubble and collapse, we're still right at that mark in the long run. Real estate in Oregon is, and always will be, a safe longterm investment. As for the Bay area, it's great that Reagan had ruined the economy so badly that you could steal that home for a song. I made a similar killing in Milwaukie in late 1983 and locked in at 8% just before the rates went through the roof again, back into the teens. It took Clinton nearly 3 years in office before I could re-fi at a lower rate.
No. To pretty much all of that. It's a bedtime story authored by the Republican Party. We sold 2 homes we had in LO over the last 3 years, and everyone told us we would get reamed by the capital gains tax. Didn't happen. Paid nothing at all. Nada. Nor has any client of mine ever mentioned having to pay. Since I didn't pay, I didn't care enough to learn the legaleeze, but I've been told that (maybe true, maybe not) the feds exempt your first million dollars of gains on a residence, then tax the amount of profit over 1 mil. Oregon is even kinder. They exempt your first 2 mil before they tax anything. Obviously it's different on 2nd homes, rentals, business properties...as they are treated more like other investments such as stocks and bonds. But there are a number of ways to defer or avoid taxes there through trusts, endowments and 1031 exchanges. Capital gains taxes only affect the uber-wealthy, and they can certainly afford it. As for the landlord scenario, as you point out he's been escaping taxes for years by claiming depreciation which didn't really happen, so he owes and should pay. Lucky he doesn't pay extra for evading taxes all those years. No way we should have to supplement his business at our expense.
Sounds like my broker wouldn't have made $.01 from me if Carter were elected another term. Interest rates might have hit 30%.
Because, as we all know, the president decides the interest rate. That's why rates are super-low right now, right? It's all due to Obama. Obama is the anti-Carter. Or.... maybe it is more complex than that? barfo
The president doesn't directly decide the interest rates but he does have a huge influence on them. If the govt. runs up big debts, the Fed tries to keep the interest rates on their T-Bills low so the payments don't hurt so much.
This post shows me you don't even understand how the Medicare payroll tax will work on sold properties. The good thing is, in your line of business, you're going to have to learn whether you like it or not.
But isn't God welcoming them home to his heavenly kingdom? And aren't they therefore better off? Better off than they will be under OBAMACARE!!!!????
Well, if you believe the talking points of the Left it's true. I'm pretty sure that's a "Jobs Created And/Or Saved" kind of statistic--meaning one pulled out of thin air. Funny, no stats ever seem to be compiled in countries with socialized medicine at how many people die because they weren't given timely health care or procedures/care/medication that may have saved their lives because some bureaucrat decided those resources were better used on someone else.
Here's the source, apparently. Not sure how valid the study is, or whether the AJPH is peer-reviewed, just heard of it for the first time myself. barfo
