Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home. If you sell a $400,000 home, for example, there will be a $15,200 tax. When did this happen? It’s in the health care bill, and it goes into effect in 2013.
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home. If you sell a $400,000 home, for example, there will be a $15,200 tax. When did this happen? It’s in the health care bill, and it goes into effect in 2013.
That sucks, because as well all know, houses on Long Island that you pay $375K for now are all going to be worth $750K in 20 years. But maybe this will be repealed before then.
That sucks, because as well all know, houses on Long Island that you pay $375K for now are all going to be worth $750K in 20 years. But maybe this will be repealed before then.
Don't hit the panic button yet. It is true but only for a percentage of the people. About that 3.8% tax on home sales
I thnakfully am not in that group.
"The National Association of Realtors has published a brochure for Realtors, outlining how the tax will affect their clients. In one scenario from the brochure, a couple with a combined salary of $325,000 sells a home for $525,000, producing a capital gain of $25,000. The 3.8 percent tax on that $25,000 is $950."
Here's a quote from snopes:
"A couple who sold their home would be subject to the 3.8% tax only if they made a profit of at least $500,000 on the sale, and the tax would apply only to the portion of that profit in excess of $500,000."
Most people I know, if they even sold bought their homes for $24k back in the sixties, would not have sold it for over 500k even at the height of the boom. And, if they did, the tax would be only on the amount over the 500k, not the entire sale. This tax is to help fund the healthcare reform and is aimed at the very high earners. I think it's a good trade off.
Don't hit the panic button yet. It is true but only for a percentage of the people. About that 3.8% tax on home sales
I thnakfully am not in that group.
Ah ha...first they tax income, capital gains, gasoline, sales, telephones, property, etc. etc. just give em some time and they will tax you, me, and the guy behind the tree of the air that we breathe. The Beatles - Taxman - YouTube
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
