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: 3,512 About JP: Helping people is a passion for JP. While real estate is a full time career and profession for him. ...
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JP And Associates REALTORS specialize in residential real estate sales, services, consultation, real estate marketing, REO/HUD homes, buyer and seller representation and leases in the Dallas Fort Worth Metroplex. With multiple office locations our REALTORs and Brokers serve the entire DFW Metroplex and cover Collin, Denton, Dallas, Rockwall, and Tarrant Counties. We believe in Exceeding Expectations of our clients. We provide professional representation for all of your real estate needs. From buying and selling to investing, you can have confidence that you are working with area professional REALTORs and local experts who will give you the support and attention that you need and strive to meet your real estate needs. Our professional REALTORs strive to be one of the most tech savvy agents and well trained real estate sales associates in today's real estate market. For more information about our real estate company and services please contact us directly.
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