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Old 07-05-2012, 08:51 PM
 
Location: Gilbert - Val Vista Lakes
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I haven't had time to study the information yet, but there seems to be a lot of good information already posted on the subject.
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Old 07-06-2012, 07:16 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,680,955 times
Reputation: 3809
This link is for a paper providing several Scenarios & Examples of how the tax applies. As others in the thread have correctly reported, it is a tax on investment gains, and if your primary residence has a profit on sale of over $500,000 (married filing jointly) then that excess gain will be included with the other investment gains. You can download this 10-page paper and use it for reference.

http://www.ksefocus.com/billdatabase...172/8/1437.pdf


Below is a link to an NAR blog report on the tax. It includes a short video where they give a good example of the tax computation. It's well worth taking a few minutes to view.

The 3.8% Tax Is Not a Real Estate Transfer Tax
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Old 07-06-2012, 09:01 AM
 
168 posts, read 351,297 times
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That's great info, Bill. Thank you!! Even if we did have an AGI of 250k, I think I can safely say that our primary residence out here in the sticks of Gilbert will NOT make a profit of over 500k But it sounds to me like it's a bigger deal then some were making it out to be, if it's going to raise 210 billion and will pay for more then half of the new expenditures of Obamacare. And it wasn't even introduced or discussed till hours before final debate on the bill??? Lovely.

Thanks again!! I always appreciate your feedback.
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Old 07-06-2012, 04:18 PM
 
629 posts, read 658,301 times
Reputation: 949
Actually after a successful November election we won't even need to worry about this.

How does one argue something is not a tax one day....then the next day argue it is at tax then after its upheld as tax then turn around and expect people to believe them when they now say it isn't a tax......guess fool me once really applies here...lol

Would this be in the same realm as "I voted against it before I voted for it"....lol
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Old 07-06-2012, 04:31 PM
Status: "Finally Done With C-D BYE BYE" (set 18 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,496,652 times
Reputation: 15431
Anyone remember "Read my lips...No new taxes" and what happened afterwards?
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Old 07-06-2012, 06:52 PM
 
629 posts, read 658,301 times
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I do remember how all the cities and states put into place so called luxury taxes into place only to see a lot of money flee to more friendlier locations.

In the end it always means more tax hikes on everyone else...face it we all know that ultimately the middle class is the ones who end up having to foot the bill.

In this economy raising any taxes on anyone would just be silly.....in the words of Obama a short time ago...nothing has changed much since then...except maybe get a little worse.
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Old 07-07-2012, 10:28 AM
 
2,393 posts, read 4,868,184 times
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> How does one argue something is not a tax one day....then the next day argue it is at tax then after its upheld as tax then turn around and expect people to believe them when they now say it isn't a tax......

You need to read a bit more about how the legal system operates. In a lawsuit it is typical for a lawyer to bring forward all the plausible reasons to rule in his favor- even if some are mutually exclusive.

By the way, Justice Roberts, in the opinion, rules that ACA is not a tax in one place and that it is a tax in another.

We would be well advised to think about whether overall this law has desirable consequences (which I do believe), and we can afford it as a country (which, again, I believe we can).
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Old 07-07-2012, 11:27 AM
 
629 posts, read 658,301 times
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We don't have a taxing problem in the country, we do have a huge spending problem that is growing bigger and more out of control each year.

You only need to look at California, Illinois or across the pond at Greece and France to name a few as to what higher taxes and out of control spending will do.

We just don't need to make matters worse for the housing before it can even recover.

I do believe we will hear from the voters in November as to exactly what they think of it.....can't come soon enough in my opinion.
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