Myth About 3.8% Tax on all Real Estate Sales Will Not Die...
A false rumor about a transfer tax on all real estate sales is once again making the rounds on the Internet and in e-mails. The information being forwarded claims that the Affordable Care Act contains a 3.8% tax on all real estate sales. Not so.
Though the act does include a 3.8% tax on some investment income, it will not come into play for the majority of home sales. First, the tax applies only to people with adjusted gross income of $200,000 ($250,000 for a joint return). Also, homeowners who sell their principal residence will still enjoy the exclusion of $250,000 of gain realized on the sale of the home ($500,000 for married couples) as long as they have lived in their primary residence 2 of the last 5 years - otherwise standard capital gains taxes apply.
Any questions about real estate in general please feel free to email me directly at JP@JPHOMESFORSALE.com
JP Piccinini is the Broker/Owner of JP and Associates REALTORS - He specializes in residential real estate sales in Frisco, McKinney, Allen and Plano. He has closed hundreds of deals for buyers and sellers both in Texas and South Carolina and is one of the few Accredited Luxury Home Specialists in the DFW Texas Metroplex. He can be reached directly at 469-999-HOME (4663) or via email at JP@JPHOMESFORSALE.COM - to view some of his videos visit www.jphomesforsale.info
Author:JP Piccinini Phone: 469-999-4663 Dated: July 16th 2012 Views: 4,068 About JP: JP Piccinini is the Founder, Broker and Owner of JP and Associates REALTORs - a real estate brokerag...
JP and Associates REALTORs is based in Frisco, Texas with branch hubs across the United States. It is one of the fastest growing and expanding real estate brokerages in the Nation and according to a recent National Association of REALTORS report it is in the top 1% of all residential real estate brokerages in the country. We are a client focused and agent driven real estate company where all our REALTOR Associates strive to exceed our client's expectations. We focus and specialize in residential real estate sales and leasing and provide professional representation for all of your real estate needs from foreclosures, short sales, REO/HUD, new construction and luxury property marketing. From buying and selling to investing, you can have confidence that you are working with area experts who will give you the support that you need and seek to Exceed your Expectations. Our professional REALTORs strive to be the most tech savvy agents and well trained real estate sales associates in today's real estate market.
If you are interested in a career in real estate or already have a real estate license but wish to learn more about our team please contact us directly to set up an interview at Careers@JPAR.net. We offer our agents 100% commission plans with no desk fees or marketing fees ever. At JP and Associates REALTORS our goal is to exceed our Clients and our Associates expectations.
AG EXEMPTION is extremely important when you own or buy acreage as it
"Dani Means is one of the best agents we ever worked with. Since we are from Northeast and didn't know the area at all, she was able to narrow down the choices for us after talking to us on the phone and understand our needs and likes. After a weekend of showing us several properties, she found the one we were happy with. Dani was extremely helpful and patient due to some snags with our lender. After a prolonged process and her persistence we finally were able to close on the property. After the sale she still remain in contact and helped us with shipping of our vehicle to Dallas. We are very happy to have found her and would recommend her highly to anyone who is looking for selling or buying."