Implications of selling a home
Jun 30th 2024 | 3:06 am
#16
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: Implications of selling a home
If using my "skill and judgment" 
I played spot the ball or successfully predicted 8 draws on the football coupon, I might feel a bit different about paying tax on the winnings that came from my efforts.
But if I'd simply bought a house and through nothing to do with me house prices went through the roof so that I stood to gain a few hundred grand out of pure luck (and maybe the misery of people who could now not afford to buy) I can say it would be very easy for me to accept "only" the lion's share of the gain.
I wouldn't grumble at all.
I played spot the ball or successfully predicted 8 draws on the football coupon, I might feel a bit different about paying tax on the winnings that came from my efforts.But if I'd simply bought a house and through nothing to do with me house prices went through the roof so that I stood to gain a few hundred grand out of pure luck (and maybe the misery of people who could now not afford to buy) I can say it would be very easy for me to accept "only" the lion's share of the gain.
I wouldn't grumble at all.
).* Which I actually did, selling my home in London for 2½ times what I paid for it in just five years. But that 2½ times the price was 25 times the equity I put into it when I bought it!
And I met both the UK and US rules for principal private residence relief at the time.
Last edited by Pulaski; Jun 30th 2024 at 4:02 am.
Jun 30th 2024 | 4:46 am
#17
BE Enthusiast
Joined: Sep 2014
Posts: 861
From: Vancouver, BC
Re: Implications of selling a home
* Jeff Bezos recently moved from Washington state to Florida, which has no income tax, ahead of selling some of his Amazon stock. The tax bill he saved, by not having to pay Washington income tax, was more than the $500million his 417ft (127m) yacht cost. And of course there is no reason why he can't move back to Washington again if he feels like it.
