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Tuesday, May 4, 2010
New Federal Real Estate sales and 401k taxes!!
Under the new health care bill - did you know that all real estate transactions are now subject to a 3.8% Sales Tax? You can thank Nancy, Harry, Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, this wil l be a $15,200 tax. As Nancy said, "We have to pass the bill so that you can find out what is in it." Surprise!!
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1 comment:
I saw this also I hope this is right
/ April 1, 2010
Home sales tax clarified
In his recent guest column regarding the impact of the Health Care Bill, Paul Guppy of the Washington Policy Center claimed that a 3.8% tax on all home sales was a part of the recently passed legislation. This is inaccurate and needs to be corrected. The truth about the bill is that if you sell your home for a profit above the Capitol Gains threshold of $250,000 per individual or $500,000 per couple then you would be required to pay the additional 3.8% tax on any gain realized over this threshold.
Most people who sell their homes will not be impacted by these new regulations. This is not a new tax on every seller, and that correction needs to be made. This tax is aimed at so called “high earners” if you do not fall into that category you will not pay any extra taxes upon the sale of your home.
Dean
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