Off-Topic: You assume a lot GF....much that you can't know

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	Name:	GoneFishin -
	Subject:	You assume a lot GF....much that you can't know
	Date:	6/16/2010 1:50:50 PM

Why use an example that leaves the impression there was a tax?

If her mom always owned the house then under current law it was always subject to the tax over a profit of $250,000. The additional tax of 3.8% amounts to an additional $3,002 on a profit of $329,000 after the $250,000.

I operate on the basis when I sell property or stock at a profit that the buyer paid my tax. I just forward it to the IRS. Otherwise, the tendency is to hold on to avoid a tax and be subject to a falling marketplace as we have seen the past 2 years.

I fail to understand your middle class argument. The sale of your primary residence at a profit is a capital gain like any other investment. However, you can deduct either $250,000 or $500,000 from the profit. Seems quite clear.

It is so surprising that someone who is such an asute businessman would have so little knowledge about her business affairs. I guess she doesn't trust a conservative.