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: 800-683-5651 Dated: July 16th 2012 Views: 4,557 About JP: JP Piccinini is an entrepreneur, philanthropist, proud dad and the Founder, Broker and Owner of JP a...
About Berkshire Hathaway HomeServices Select Realty
Our unique tools allow you to Search All Homes and Real Estate for sale in Northern VA., and give you more when looking for Homes and Real Estate For Sale in Fredericksburg, Stafford, Dumfries, and all surrounding areas in Northern Virginia. Berkshire Hathaway HomeServices Select Realty is your go-to-source for more data, more properties, and more neighborhood information. Search ALL Fredericksburg VA homes for sale, Stafford and Dumfries VA homes for sale as well as all other surrounding communities in Northern VA. Our Online Home Search features are some of the most powerful on the web and are continuously updated to ensure the most accurate search results and the most current pricing, photos and property information available. The more information you have at your fingertips, the more confident you'll be that it's the right home for you.
"David Brewer and his team were excellent in helping me negotiate through the home-buying process from start to finish. He was there for me in every way. I would not hesitate to request his services again, and would whole-heartily recommend the David Brewer Team to anyone looking for an honest, hard-working, knowledgeable and outstanding realty group."