Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-29-2013, 01:22 PM
 
76 posts, read 176,270 times
Reputation: 88

Advertisements

any changes for 2014 sales or still $250,000 single and $500,000 married?
thanks
Reply With Quote Quick reply to this message

 
Old 11-29-2013, 01:41 PM
 
Location: Long Island
9,923 posts, read 23,062,459 times
Reputation: 5897
Quote:
Originally Posted by JWnova View Post
any changes for 2014 sales or still $250,000 single and $500,000 married?
thanks

As of right now, it remains at $250k/$500k, primary residence for two out of the last five years.
Reply With Quote Quick reply to this message
 
Old 11-29-2013, 04:26 PM
 
76 posts, read 176,270 times
Reputation: 88
thank you
Reply With Quote Quick reply to this message
 
Old 11-29-2013, 05:51 PM
 
Location: DFW
40,930 posts, read 48,945,506 times
Reputation: 54922
If you go above those amounts, isn't there an additional Obamacare tax of about 3.5 % ?
Reply With Quote Quick reply to this message
 
Old 11-29-2013, 06:22 PM
 
Location: Long Island
9,923 posts, read 23,062,459 times
Reputation: 5897
Quote:
Originally Posted by Rakin View Post
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.
Reply With Quote Quick reply to this message
 
Old 12-08-2013, 06:48 PM
 
Location: so cal
1,110 posts, read 2,462,133 times
Reputation: 1043
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?
Reply With Quote Quick reply to this message
 
Old 12-08-2013, 11:55 PM
 
Location: LA/OC
1,083 posts, read 2,162,627 times
Reputation: 605
Quote:
Originally Posted by dober1 View Post
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.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 04:50 AM
 
Location: Southern California
4,453 posts, read 6,773,970 times
Reputation: 2238
Quote:
Originally Posted by dober1 View Post
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?
What does your accountant say?
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 07:48 PM
 
Location: so cal
1,110 posts, read 2,462,133 times
Reputation: 1043
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.
Reply With Quote Quick reply to this message
 
Old 12-10-2013, 10:49 AM
 
Location: Just south of Denver since 1989
11,819 posts, read 34,320,512 times
Reputation: 8940
try reading Capital Gains, Losses, Sale of Home
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top