Virginia's Taxation Fiction
|
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
With all the uproar over Virginia's abusive-driver fees, no one seems to be concerned over Virginia's "abusive" grantor's taxes ["Overhaul of Development Fees Advances in Senate," Metro, Jan. 30]. Not only have home sellers been hit with an additional tax of 40 cents for every $100 that they receive for their sale, those same taxes are being assessed for money a seller never received.
Here's how it works: The county has decided that your home is worth $500,000. The market happens to disagree with the county, and your home sells for $450,000. Well, when you pay grantor's tax to record your deed, you are taxed at the higher amount, not what you received for the house.
What's next? Will the IRS decide that most people in your profession normally earn more than you did and therefore you should pay taxes on income it thinks you should have been paid?
I cannot help but wonder what happened to the revolutionary spirit of the American taxpayer that began a new country.
MEGAN LaROCHE
Springfield
