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If you go above those amounts, isn't there an additional Obamacare tax of about 3.5 % ?
You're talking about the new 3.8% medicare tax on unearned income (net investment income/capital gains, etc.). That only applies if certain income thresholds are exceeded:
The taxpayer’s “modified adjusted gross income” (if the taxpayer does not have foreign earned income excluded under Section 911, this will be identical to adjusted gross income)” less the “applicable threshold;” specifically: •For married taxpayers filing jointly: $250,000. •For married taxpayers filing separately: $125,000. •For all other taxpayers: $200,000.
Example:
$100,000.....cost basis $600,000.....sales proceeds
$500,000.....excluded gain if couple
= 0 tax liability
There are additional "wrinkles", too much to go into here, but in the end, only a few high income homeowners will be affected by this additional tax.
Not sure if this is the right thread for this question. If my wife and I sell our home of 15 years here in So Cal do we have to pay a sales tax on any profit we make?
Not sure if this is the right thread for this question. If my wife and I sell our home of 15 years here in So Cal do we have to pay a sales tax on any profit we make?
No sales tax. There will be County transfer tax and possibly a City transfer tax, depending on the city.
Not sure if this is the right thread for this question. If my wife and I sell our home of 15 years here in So Cal do we have to pay a sales tax on any profit we make?
I have not consulted with an accountant. At this point I am just scouting possibilities. I am retired and would love to move out of California (not a native). I am just looking at all the costs involved such as this possible tax, realator fees, increases in health insurance premiums and so forth. I thought I heard that home sales were going to be taxed.
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