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: 4,280 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.
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"I contacted Julian when I started looking to move to the area and told him that if I were to get the job I was interviewing for, we would have to move fast so that I could get relocated in time to start my new job. I found out on Thursday, March 13th that I got the job, but needed to start work March 31st. That only left 17 days to find and close on a house! Julian accepted the challenge and immediately went to work. I drove down on Friday, the 14th to start looking at homes. His job was made more difficult due to how fast the real estate market is moving in the suburbs north of Dallas and 4 of the 6 homes we had schedule to view had already sold in the last 18 hours. Over the next 4 days, I looked at over 30 homes, tried to put in several offers, only to be mere minutes too late after the sellers had accepted other offers. Back home on Tuesday the 18th, I was feeling almost hopeless, then Julian Taylor called me and told me about a house that had just come on the market. He said that he knew the neighborhood was exactly what I was looking for and asked if I could come back to town. As it turns out, the home was even better than what I imagined. We submitted the offer, got the house in contract, and with Julian's continued help, we were able to close and move in to the house on the 28th of March- just 3 days before I started my new job. Julian was available at any given time, day or night. He walked me through the process, stayed on top of the financing process, and continues to follow up with me months after I've been in the new house. I recommend Julian not just because of his dedication to helping me find the perfect home, but because of his willingness to put my needs first and go well beyond the call of duty to make what seemed impossible- possible."