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Senior Advisor

Re: Federal real estate tax

The law is already signed and the law of the land. I can't tell you if there is any provision to tax property.

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Senior Advisor

Re: Federal real estate tax

Kraft-t will see how this plays out--if I make 500K on selling my house I'll let ya know---remember the read my lips statement from a few years back ! ? !

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Senior Advisor

Re: Federal real estate tax

It might be as simple as asking your CPA while doing your taxes. I have a home up for sale that hasn't sold yet. Maybe I need to ask my CPA iof such a provision exists. BTW extra house areapain in the rear. Heating , Untilities, taxes, maintainnence, mowing and snow removal go on whether the house is occupied or not.  Getting mighty old.

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Advisor

Re: Federal real estate tax

   Have 6 unoccupied/foreclosed houses in a mile radius of me.  I've heard some have been without heat for 2 years.  10-15 years ago real estate agencies were sending me letters asking me if I would list my house with them as they had all kinds of buyers for the area and a shortage of houses to sell.  How times change.

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Senior Advisor

Re: Federal real estate tax

Interesting on the pendulum swing of surplus's and shortages ---housing - commodities --$$$$---funny how it took Greenspan's remark of "irrational exuberance'' expression being said politely  ---he could have just said GREED ? 

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Veteran Advisor

Re: Federal real estate tax

  Hopefully this will save you an embarrassing call to your accountant, along with not paying attention to some goofy e-mails that make outlandish claims.

 

 

A 3.8 Percent “Sales Tax” on Your Home?

April 22, 2010

 

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 won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

FULL QUESTION

I received this e-mail:

This should help stimulate the Real Estate market!

UNDER THE NEW HEALTH CARE BILL - DID YOU KNOW THAT ALL REAL ESTATE TRANSACTIONS ARE SUBJECT TO A 3.8% “SALES TAX”?

YOU CAN THANK NANCY, HARRY & BARACK (AND YOUR LOCAL CONGRESSMAN) FOR THIS ONE.

IF YOU SELL YOUR $400,000 HOME, THIS WILL BE A $15,200 TAX.

Verified

Higher taxes on real estate investments. The 3.8% Medicare surtax would hit average, middle-class investors in real estate. A middle-class taxpayer who happens to sell real estate for a gain in a particular year would be liable for this new tax, regardless of how low her income might be in other, more typical years.

FULL ANSWER

We’ve been flooded with queries about this one ever since the health care bill became law. At the last minute, Democratic lawmakers decided on a new 3.8 percent tax on the net investment income of high-income persons. But the claim that this would amount to a $15,200 tax on the sale of a typical $400,000 home is utterly false.

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. 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.

 

http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

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