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2013-02-01 19:04:58
3.8% Sales Tax for Home Sellers- What are the fact

Many of us have heard buzz, rumors, and concerns as to a 3.8% sales tax coming in 2013 that will affect home sellers.  We’ve listed the facts below along with an article.

1.  The sales tax will affect home sellers who earn $200,000 (single), and $250,000 (married)

2.  The sales tax will be applied on all sales where the home owner earns as capital gains revenue more than $250,000 (single), or $500,000 (jointly)..  Capitial Gains Revenue is defined as Current Sales Price – Original Purchase Price.

3.  The tax will only be applied to gains that exceed this amount.

Example:  So if a married couple who currently earns more than $250,000, originally purchased their home for let’s say $400,000..  They now sell it in 2013 for $1,000,000..  Because they meet the 3 criteria above, they would owe:  $3,800 in taxes  ($1,000,000 – $400,000 = $600,000 – $500,000 = $100,000 above allowable capital gains *  .038 = $3,800).

Click here to learn more.

 

 
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