tag:blogger.com,1999:blog-5737450142880120395.post5265190230931325480..comments2023-10-07T04:04:19.391-07:00Comments on Economystified: Capital Gains TaxesEconomystifiedhttp://www.blogger.com/profile/13721219444051369880noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5737450142880120395.post-66697563513897298152018-08-02T00:55:24.517-07:002018-08-02T00:55:24.517-07:00I have been your silent reader for a while, and no...I have been your silent reader for a while, and now I think you should know how valuable and helpful the information and tips you have shared with us. Thank you for sharing. Would love to see your updates again and maybe we can share ideas and collaborate with each other in the future.<br /><br /><a href="http://www.parisfinancial.com.au/small-business-tax-services/" rel="nofollow">Small Business Tax</a>Nina Athenahttps://www.blogger.com/profile/11942457078940283392noreply@blogger.comtag:blogger.com,1999:blog-5737450142880120395.post-74435574263233772902012-11-28T09:36:18.184-08:002012-11-28T09:36:18.184-08:00This is a very informative read. People must defin...This is a very informative read. People must definitely understand what capital gain tax is and not just the capital that they gain. Capital gain tax is very important because it is literally the portion of what we earn that we give to the government as part of our responsibility to national development.<br /><br />*<a href="http://www.1031-connection.com/" rel="nofollow">Audrey Sizemore</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5737450142880120395.post-2926558245477743542012-11-28T09:24:40.460-08:002012-11-28T09:24:40.460-08:00This comment has been removed by the author.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5737450142880120395.post-88431217373482673502011-11-28T05:59:55.909-08:002011-11-28T05:59:55.909-08:00SMR - Rents from anything will never be capital ga...SMR - Rents from anything will never be capital gains. A capital gain is only realized when an asset is sold off. Although that's not to say that the rents from the property won't be taxed in some other weird way. And in the end that would really depend on the state/municipality, the particular property and its use as well as anything else.<br /><br />If your main source of income and principal occupation is being a landlord, then yes, rent receipts are your "income." But a lot of your taxes related to the renting will be corporate/business taxes. If your "in the business" of renting out apartments, then the property is treated more like a business than a residence. Makes sense if you think about it...if renting out living space is the profession I'm in, than the spaces I have available are used for the creation of my "product," the same way a pizzeria uses ovens to make its product or a factory uses machinery to make theirs. They should all be taxed the same.<br /><br />Now, IN GENERAL, if you have another full time job and you just rent out say one house, that's still treated kind of like having a "business on the side" and viewed like any other business. And those rents will be part of your income. BUT there are a ton of weird tax deductions for THAT sort of thing...and I think there's no capital gains taxes at all if you sell a property that you are renting as an income supplement in less than three years of opening it up for rent. I also know the rules are different if you live in the house your renting out for part of the year, or if you rent out just one floor and live in the other.<br /><br />But this is getting way past my level. Specific questions about this are more appropriate for an accountant. If its something your thinking about doing PLEASE DON'T TAKE FINANCIAL ADVISE FROM ME. I'm not a professional in this field. But do check out this link, there's some good info in there: http://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/INF12039.html<br /><br />Dave Bapst - the big issue that economics has in going from academic to policy is in "scaling up." You get a lot of good explanatory power on the granular level (trying to explain the behavior of an individual or a firm, for example), but when you step back and try to look at "the whole economy," things get fuzzy.<br /><br />A big part of that is due to the fact that economists can't run experiments. They can't take two countries, make them identical in everyway except one or two economic facets, leave for 10 years, then come back and measure the differences between. (Now that I say it out loud, I think that that might be a good thing)<br /><br />The best you can do is look for some "accidental experiments." Situations where two economies start off identical in all ways but one or two, then go along for a few years and wind up in different positions. Those aren't impossible to find when comparing two cities in the same state or two states in the same country. But finding two comparable economies on a national scale is hard.<br /><br />In a weird way, it can be like a field you're familiar with: geology/geophysics. There are very good rules on the micro level. There's very good understanding on the micro level. But we still can't tell the date, time and location of the world's next earthquake or make an exact schedule for the rate of climate change or know the precise locations of each tectonic plate 100,000 years from today. Its the "scale up" that's the challengeEconomystifiedhttps://www.blogger.com/profile/13721219444051369880noreply@blogger.comtag:blogger.com,1999:blog-5737450142880120395.post-78638427657809534922011-11-27T10:18:53.253-08:002011-11-27T10:18:53.253-08:00"We just don’t know if or how the whole conce..."We just don’t know if or how the whole concept works. Somewhere along the way we decided that it seems like it should, and everyone went along with it."<br /><br />That just seems to be the problem with most of these economic issues in the political sphere. We have little real evidence to argue one way or another and it doesn't seem clear that models are complex enough to give an answer of how doing A will influence B. Rhetoric and assumptions based on first principles seem like poor tools for these issues. What questions do we know the answers to? What real knowledge do we have?dwbapsthttps://www.blogger.com/profile/17606476387441191531noreply@blogger.comtag:blogger.com,1999:blog-5737450142880120395.post-48406687526266933132011-11-25T14:21:13.259-08:002011-11-25T14:21:13.259-08:00What does the rent from an "investment proper...What does the rent from an "investment property" come under? Is that considered a capital gain / investment? Is it income? Does it change the way property taxes on said property are assessed if it is used for income (even without significant remodeling into apartments)? Is it investment or is it property...SMRhttps://www.blogger.com/profile/03343391622019126852noreply@blogger.com