I was at a training course today and it seems that there is still some confusion and misinformation about the 3.8% Federal tax on the capital gains from the sale of a personal residence as part of the health care bill.
Under the current provisions of the law there is a 3.8 percent tax that will take effect in 2013 for those with incomes over $200,000 a year ($250,000 for married couples filing jointly). And even for those who have such high incomes, the tax still won't apply to the first $250,000 on profits from the sale of a personal residence - or to the first $500,000 in the case of a married couple selling their home.
The good news is that for a vast majority of home sellers, there will be no additional tax. The bad news is that for some home sellers there will be additional tax, but it will only be on the amount over the $250K / $500K exemptions.
For more information - visit http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/
Gary Dwyer, CRS, GRI, ABR, REALTOR
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