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FOX2 and American Equity Mortgage: Pay it Forward, March 25th - AJ Hornsey

ST.LOUIS, MO (KTVI - FOX2now.com) - Fox 2 is proud is to kick off a brand new segment called "Pay It Forward." Every other Thursday we ...

Oakland mayoral candidate Saied Karamooz pushes for public bank, police accountability

This story is part of a series on Oakland's mayoral candidates, in advance of Election Day this Tuesday, November 6. See our previous interviews with incumbent mayor Libby Schaaf and candidates  Cat Brooks  and  Jesse A.J. Smith .

“Listen to this,” says Saied Karamooz , who is running for mayor of Oakland in tomorrow's election. “There is this thing [for Oakland political candidates] called a ‘ voluntary expenditure limit ,’ where you accept a total limit of $400,000 in campaign contributions in exchange for being able to quadruple how much you’re allowed to collect from each individual."

Wary of duplicity in campaign financing, Karamooz has refused to sign on to the limit.

"It's a bogus upper limit. No one has ever hit it. People are like, 'Wow, this candidate agreed to a spending limit!’ But agreeing to sign a voluntary expenditure limit is like making an agreement with [the] California Highway Patrol that you will not drive 400 miles per hour on the highway, when in exchange, you can drive 80 miles per hour in a school zone.

Selling and (Perhaps) Buying a Home under the Tax Cuts and Jobs Act

Exclusion on Gains from Home Sales

Financial planners may find that some individuals believe that gains on a home sale can be deferred by buying a new one. Indeed, that was the law in the past: After selling a home, taxpayers had up to two years to reinvest the sale proceeds in a home that cost as much or more as the one that was sold and defer the tax on any gain. In addition, once taxpayers reached age 55, they could take a once-in-a-lifetime tax exemption on gains (including deferred gains) of up to $125,000. That tax treatment expired, however, with the passage of the Taxpayer Relief Act of 1997. Now, home sellers can exclude (not defer) up to $250,000 of housing profits from capital gains tax; married couples who file a joint tax return can exclude up to $500,000 of housing gains. In the case of a married couple, either or both spouses can own the property, and the same individual or couple can claim these exclusions repeatedly, not just once in a lifetime. This rule was not changed by the TCJA.