There are some wild claims going around about the new real estate tax that takes effect in 2013. The rumors are a combination true and false information. Under the new health care bill, there will be a 3.8% sales tax on profits over the capital gains threshold ( not on all home sales).
The stories circulating online are: "If you sell a $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation, - who often downsize their homes."
In reality: The tax EXCLUDES the first $250,000 in profit from the sale of a personal residence, or the first $500,000 in the case of a married couple.
So if a couple paid $400,000 for their home and they sell it for $900,000 – they don’t pay this tax. It is only on the profits and only on profits over $250,000 or $500,000. Plus – you must have an annual income of more than $200,000 ( or $250,000 for a married couple).
Sure, none of us likes more taxes, even for health care. But at least you have the real story.
8 comments:
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You need to check your contract but builders normally cover themselves very well.
A Realtor® representing you may have saved you money but that is in the past. I have builders I work with in the area that I can get things done things that someone walking in off the street can not get done. Builders veiw a unrepresented buyer as one transaction. I have two local builders that I work with a lot and have done about 20 homes with one and a dozen with the other. They want that return bussiness so are more willing to give "upgrades" at no cost.
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