Wednesday, July 11, 2012

Myth about 3.8% tax...

Myth about 3.8% tax on all real estate sales will not die, Texas Association of Realtors,

A false rumor about a transfer tax on all real estate sales is once again making the rounds on the Internet and in emails. 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).

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