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Old 02-18-2012, 07:44 AM
 
1,610 posts, read 4,461,169 times
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By Village Tattler, on February 17th, 2012

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.

Another gift from the Obama Administration
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Old 02-18-2012, 07:58 AM
 
Location: Centereach
480 posts, read 1,003,623 times
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Quote:
Originally Posted by qlty View Post
By Village Tattler, on February 17th, 2012

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.

Another gift from the Obama Administration
snopes.com: 3.8% Tax on Real Estate Transactions
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Old 02-18-2012, 08:01 AM
 
Location: under the beautiful Carolina blue
21,755 posts, read 33,172,385 times
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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 But maybe this will be repealed before then.
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Old 02-18-2012, 08:45 AM
 
394 posts, read 878,094 times
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Originally Posted by twingles View Post
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 But maybe this will be repealed before then.
I sense some sarcasm here....
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Old 02-18-2012, 09:00 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
12,092 posts, read 15,381,939 times
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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.
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Old 02-18-2012, 09:31 AM
 
1,606 posts, read 2,710,748 times
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Dig a little deeper, they show in an example:

"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."
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Old 02-18-2012, 09:33 AM
 
Location: Centereach
480 posts, read 1,003,623 times
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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.
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Old 02-18-2012, 09:59 AM
 
Location: under the beautiful Carolina blue
21,755 posts, read 33,172,385 times
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Quote:
Originally Posted by Logical95 View Post
I sense some sarcasm here....

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Old 02-18-2012, 10:01 AM
 
Location: under the beautiful Carolina blue
21,755 posts, read 33,172,385 times
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In all seriousness there are ways to offset the capital gains anyway if you sell your home for a tidy profit.

And I know a-plenty of people that made $500K profit on their home sale without living in their home for 40 years. The boom was a huge boom for some.
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Old 02-18-2012, 10:15 AM
 
Location: Out in the Badlands
10,421 posts, read 10,070,356 times
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Quote:
Originally Posted by nuts2uiam View Post
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
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