Quote:
Originally Posted by jebartle
Let me be careful, how long ago was the debt reduced, I know, do you?
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Quote:
Originally Posted by retiredguy123
I think it was when Bill Clinton was president, but I am not sure.
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Yes indeed, retiredguy123, it sure was.
That was also the time when the capital gains exclusion for the sale of a primary residence, after owning for two years, went into effect.
That change in the tax law helped a lot of boomers to sell houses and to not have to turn around and buy a more expensive house or pay taxes on the gain.
That change was something that helped regular people to save a lot of money…..and it still does.
Lots of people here, over the years, have sold a longtime primary residence elsewhere in the country, and then bought in TV for cash — and kept the change — tax free.
That cap gains tax law change in the late 1990s created my favorite tax law ever.
Many sellers now don’t remember how it used to be when profit on a house could be gobbled up by cap gains — before the Clinton years.
Boomer