I just want to take a quick poll...

[asshanson]

This is true, I didn't get to ride the housing wave, but it's the principle of it in my opinion, I think it should be higher than half what other income is taxed at.

I do have a question though, when do you pay the capital gains on a house? If you buy it for $100k, sell for $300k, then buy another $300k house, do you pay capital gains, or only if you buy a new one cheaper than $300k? I thought the only penalties were on buying a cheaper house than what you sold.