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.
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.
That may be true but I’m still highly concerned about the broader issues with our tax cuts for the wealthy and the accumulated wealth of the upper 1%.