Tax Free Exclusion on Sale of Personal Residence Reduced

[Nashville]

Worse Than That

Many arch-conservatives with strong work ethics have voiced the same as auditor-turned-good, that it is a giveaway to people who can't afford a home, won't pay for one, don't deserve it, whatever.

But think beyond the emotion. Those people will never see the money. The real giveaway is a subsidy to the sick financial and mortgage industry. Who, for their own stupidity, deserve a giveaway even less than the homebuyers.

I have a couple bank-holding-company stocks. Within a couple days of the tax credit announcement, their stock was up 15-20%.

[joanmcq]

I'm getting to the point where any smidge of pandering makes my stomach turn. I'm starting to think I should be appointed tax czar, and therefore be the be all and end all of tax policy and politicians shouldn't be allowed anywhere near a tax code. I will, however, let all of you chime in and give your wise and informed counsel.

Let it be written, let it be done!

[Lion]

You have my vote

I'd vote for Joan over any of our congresspeople that have overcomplicated our tax laws and made them into social policies instead of just revenue raisers. Joan knows what she's doing. I say we elect her as tax czar for life. I'm not going to risk my life for her during a future violent coupe, though.

[les grans]

would that be a violent Chevy coupe?

[Lion]

Little blue...

I think it was a little blue coupe....

[joanmcq]

I'd take a little deuce coupe as the tax czar transport!

[Lion]

Deduct

And, if you put a tax czar coat of arms on it, can you deduct all your mileage?!

[joanmcq]

of course not, no pandering in the republic of Joan!

The Czar has spoken!

[DTS]

The Czar has spoken!

Well, good luck with that title!

I've told my wife for 35 years that I would like to be King of the World for only one week and do away with all the ka-ka that surrounds us on a daily basis and look where it's gotten me.

So, just keep dreamin'.

[Bees Knees]

The law is silent on how to treat an office in the home. The regs say you don’t have to allocate between business use and personal use when you sell a home in which the business use was in the same dwelling unit as the part of the home used as a principal residence, with the exception of gain attributable to depreciation.

Does that mean we don't have to treat a qualified home office as nonqualified use under this new rule?

[joanmcq]

Ah, well I'm about to go on vacation, and I'm going to Burning Man, where I can be whatever I want to be. So Tax Czar I will be and there will be NO TAX PANDERING ALLOWED in Black Rock City. Of course, there really aren't taxes in BRC (although you could consider the entry fee a tax, since it goes to infrastructure construction, law enforcement, etc)...but there shall be no pandering.

So it is written, so shall it be done!

[Lion]

Deputy

Who's our Deputy Czar while Joan's gone?

[solomon]

Does that mean we don't have to treat a qualified home office as nonqualified use under this new rule?

At the present time, that is how I understand it - subject to change of course.

[DTS]

???

Who's our Deputy Czar while Joan's gone?

You may think I am posting because I would like to fill in while she's away. I'm not. While I have an impeccable record and consider myself a decent fellow that has a strong feel for right and wrong (in my mind) and could set things straight very quickly, one that does not like or allow pandering, I don't want the job nor would I take it if it was offered to me. I certainly hope you weren't offering it to me because I don't want it. I really don't.

Is she being paid any kind of per diem or something?

DC. Sorry, I mean D (finger hit the wrong key!)

[WhiteOleander]

Is that you Sen. Biden????? :>)