Don't Buy Stay Renting...Thoughts?

Michael,

With taxes like you've outlined, it's time to find a new country to call home.. If you want to own a home.

Pete

Pete,

Thanks for suggestion Offshore Living

My understanding of the US is... you Also pay tax on Capital Gain. However, if you do a Property Transfer - you'll be reinvesting the profit into more property within 12 months - you don't pay the tax on the Gain.

However, you will still be paying the usual selling and buying costs. Throwing away money you don't have to.

Michael Ross

If you sell your primary residence in the U.S. you do not pay any capital gains taxes if your gain is under $250,000. For a married couple the gain can be up to $500,000. If you make more than half a million you'll pay some taxes.
http://www.associatedcontent.com/art..._the_sale.html

You will still most likely be paying the 6% (+/- ) commissions when you use a Realtor to sell. Personally, I still think it's a better deal than paying fees, loads, commissions and taxes on income for other investments such as stocks and mutual funds (although I have a few of those in my IRA - gotta have some diversity :-)).

Todd Smith