New Home Sales Tax - 2013

By yourwasatchfrontrealtor
Oct 31, 2012

A provision of the "Obamacare" health care legislation creates a 3.8% Medicare tax on real estate transactions. Let's clear up some of the panic. First, this does not mean that all home sales will now be taxes 3.8% on the sale of a home. The Health Care legislation imposes a 3.8% transaction tax on profits over the capital gains threshold. This calls for high-income households to be subject to a new 3.8% tax on investment income starting in 2013. As a Realtor I cannot give tax advice, but would advise checking with your accountant if your income is over 200K or jointly over 250K as a couple. This excludes about 97% of US households, but if you're one of the 3%, check with your accountant before deciding to sell a property.

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