this post was submitted on 22 Aug 2023
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[–] ConfuzedAZ@lemmy.world 5 points 2 years ago (1 children)

How exactly do they get it tax free due to principle residence exemption?

[–] Pxtl@lemmy.ca 0 points 2 years ago* (last edited 2 years ago) (3 children)

If you bought your house in 1986 for $60k, and then sold it in 2021 for a $million, and you lived in it for those 25 years as your principal residence, then that is tax-free.

Obviously this is less about landlords than just homeowners who are celebrating their good fortune, but still: blaming corporations is a cop-out.

[–] ConfuzedAZ@lemmy.world 3 points 2 years ago

Yeah, that one is well known. I was trying to figure out how they made that work with rentals, which don't have that exclusive.

[–] PaganDude@lemmy.ca 3 points 2 years ago

Sorry, but how does that tax exemption work for the landlords then? They have to live in the unit for at least a year to avoid capital gain on the property.

[–] karlhungus@lemmy.ca 1 points 2 years ago

That's 9%/year annual rate of return (assuming 2% inflation), which is good, but not unheard of (here's the calculator i used. This ignores all the money they put into the place while they lived in it (roof's and heaters etc aren't cheap). It also discounts that they need to find a place to live in 2021 where all houses just got much more expensive then back in 1986.

That whole time they were paying property tax.