I am trying to find more information on this tax in the Obamacare bill. If you sell your home you have to pay a 3.8% tax on the total sale of the house? So if you sell a $200,000 house that only has $10,000 in equity your proceeds from the sale of the house comes to $2,400. I find this tax on the middle and lower income to be erroneus at best. People need their equity in their homes to buy the next house.
Well, this should really stimulate the real estate market. : (
First Sales Tax imposed by the Federal Government. What is next?
I would talk to a Tax Consultant first…and read on-line what the IRS has to officially say.
A BLOG ranting about Obamacare probably isn’t your best source.
Mufasa
[quote]Mufasa wrote:
I would talk to a Tax Consultant first…and read on-line what the IRS has to officially say.
A BLOG ranting about Obamacare probably isn’t your best source.
Mufasa[/quote]
So you do not have a link that would help out? I agree that the above link was bad, but I heard on the radio yesterday, so I wanted to find more information, but not much is comming up with a Google Search. I just think there are going to be more and more things come out of this healthcare bill that no one really expected.
Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?
A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence wonâ??t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few â?? those with high incomes from other sources.
[quote]bpeck wrote:
Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?
A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence wonâ??t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few â?? those with high incomes from other sources.
[/quote]
That is how it is right now. So this tax is imposed on top of the Capital Gains tax on the amount above and beyond the 250k single or 500k married in profit? Is the 3.8% imposed on the entire sales price if you go above these figures or just the amount above and beyond the figures.
I don’t even live in Amerca but I can smell right wing bull oceans away.
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do.
[quote]DoubleDuce wrote:
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do. [/quote]
That’s why it was written that way.
[quote]Headhunter wrote:
[quote]DoubleDuce wrote:
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do. [/quote]
That’s why it was written that way.
[/quote]
QFT. That’s why all bills are written that way.
[quote]PAINTRAINDave wrote:
[quote]Headhunter wrote:
[quote]DoubleDuce wrote:
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do. [/quote]
That’s why it was written that way.
[/quote]
QFT. That’s why all bills are written that way.
[/quote]
Is that how Canadians do it?
[quote]DoubleDuce wrote:
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do. [/quote]
There is no excuse for a comment like this. The full text of the law is on the internet in searchable form. If you can’t find your particular pet peeve in it, it’s because it isn’t in there.
[quote]mbm693 wrote:
[quote]DoubleDuce wrote:
[quote]Gettnitdone wrote:
I don’t even live in Amerca but I can smell right wing bull oceans away.[/quote]
The real truth is that the bill is so long and complex no one really understands what it will do. [/quote]
There is no excuse for a comment like this. The full text of the law is on the internet in searchable form. If you can’t find your particular pet peeve in it, it’s because it isn’t in there.
[/quote]
Really, because legal analysts are saying that no one is really sure what it will do in the end. One big reason is that is that its 2000 pages of legal jargon. The other big reason is that much of the policy is left to the discretion of new positions.
Regardless of whether there are lots of new and large taxes in the bill, the spending within the bill will make future tax inevitable. If you think otherwise your an idiot. The only real question is how and when are they going to start taking more money.
the impact will still fall on those whose income is tied to real estate though. IF you own multiple properties, and have sales on those homes in excess of the $200k in one year - it will be applied to you. It’s not what it says that bites the hardest . . . it’s what it doesn’t say . . . tax codes always get you in the ommission, not in the inclusion . . . .
BTW - the net income is calculated in the same year the penalty is applied . . .