Tuesday, May 09, 2006

Oh Boo Hoo

Then there's the other end of the scale from those who are about to be broken by increasing rates. Some people have seen such appreciation in their houses that their gains exceed the $500,000 capital gains exemption. First, remember that this is a windfall and that you didn't EARN it. You got lucky, so pay your taxes and enjoy the rest of your gift. Second, regardless, you shouldn't have to pay more taxes than you owe by law, so go get a good CPA. It's worth it. And you'd better not cry to anyone about the tax bite if you don't. Penny wise and pound foolish is a cautionary tale, not grounds for sympathy.


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