Home Selling in 01752>Question Details

Jeanbowser, Home Buyer in Wells, ME

What about a new 3.8 % sales tax that may go into effect in 2013. Could you tell me if it's true and how many home owners in US would be?

Asked by Jeanbowser, Wells, ME Thu Feb 9, 2012

affected?

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4
I believe that this one is yet to be completed. I'd like to see the opinion of those not on the "radical right" when they are in the position to owe the tax. It seems that those assessing some how change their perspective when they are fortunate enough to become the assessed.


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0 votes Thank Flag Link Mon Feb 13, 2012
Another collaborating resource regarding the 3.8% tax can be found.

Best wishes with your home buying process.
0 votes Thank Flag Link Fri Feb 10, 2012
Like much you hear from the Radical Right, there is an element of truth to it, meaning it's not quite a pure fabrication. But it will not affect everyone who sells. If you are a "high earner (less than 5% of us) AND have a profit of $500000 on the sale of your home, you will be taxed at 3.8% of the amount OVER $500000 that you earned. So, say you are a "high earner", sold your home for $1.5M and half of that was profit (not bad, eh?), you will then owe 3.8% of $250000 ($750000 profit less $50000) or $9500, which equals a tax of .0063% on the total transaction. If that applies to you, in my opinion, you can afford it!
0 votes Thank Flag Link Fri Feb 10, 2012
The tax will be limited to high income people and will effect very few.

Fact: There is Health Care Legislation that created a new tax that would only apply to a portion of a gain on the sale of any capital asset (this includes real estate sales ). That tax will apply ONLY to individuals with more than $200,000 Adjusted Gross Income (AGI) or 250,000 for a joint income tax return. The tax will not apply to any amount excluded from taxation under the $250,000/$500,000 principal residence rules. The tax is never imposed directly on the full amount of any capital gain.

Here are some resources to check out:

National Association of Realtors example on the taxNational Association of Realtors facts about the tax
http://www.realtor.org/wps/wcm/connect/aa91b2004493f31781a8c…

National Association of Realtors facts about the tax
http://www.realtor.org/small_business_health_coverage.nsf/Pa…
0 votes Thank Flag Link Fri Feb 10, 2012
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