✉news BusinessPersonal Finance first seen 3 d ago, last 2 d ago, peak #12

Buffett's $150,000 Beach House Came With A $2.7 Million Tax Bill

Original: In 1971, Warren Buffett Paid $150,000 For A Beach House In California. When It Came Time To Sell, He May Have Owed The Government As Much As $2.7 Million. Here's What You Need To Know Before You Sell Your Vacation Home.

Warren Buffett bought a California beach house in 1971 for $150,000. When he sold it decades later, its value had grown so much that his tax bill on the sale could have reached as high as $2.7 million. The story is being used as a cautionary example for anyone planning to sell a vacation home, since second homes do not qualify for the capital gains exclusion that applies to primary residences.

Why now: The striking size of the potential tax bill makes it a memorable lesson about capital gains taxes on second homes.

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• In 1971, Warren Buffett Paid $150,000 For A Beach House In California. When It Came Time To Sell, He May Have Owed The Government As Much As $2.7 Million. Here's What You Need To Know Before You Sell Your Vacation Home. · 24/7 Wall St.

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