Off-Topic: House Sale After 2012 - 3.8% Tax?
(Bear Creek Reservoir Specific)
9 messages
Updated 11/3/2023 6:12:58 AM
Lakes Online Forum
83,586 messages
Updated 4/16/2024 12:46:32 PM
Lakes Online Forum
5,193 messages
Updated 4/3/2024 3:47:36 AM
(Bear Creek Reservoir Specific)
0 messages
Updated
Lakes Online Forum
4,169 messages
Updated 4/15/2024 11:05:05 PM
Lakes Online Forum
4,260 messages
Updated 3/24/2024 9:24:45 AM
Lakes Online Forum
2,976 messages
Updated 3/20/2024 11:53:43 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
|
Name:
|
GoneFishin
-
|
Subject:
|
House Sale After 2012 - 3.8% Tax?
|
Date:
|
10/26/2010 9:44:12 PM
|
|
The 3.8% tax will apply to singles earning $200,000 or more who sell a primary residence where the profit is more than $250,000. The tax of 3.8% will apply for those people on the profit over $250,000. You do not add the profit to the income to see if you are over the $200,000 income level.
For a married couple earning $250,000 or more who sell a primary residence where the profit is more than $500,000, the 3.8% tax will apply to profit over $500,000. You will not add the profit to the income to see if it is over the $250,000 income level.
The 3.8% will apply to the profit on the sale of a VACATION home if your income including the profit from the sale exceeds $200,000 if you are single and $250,000 if you are married.
I am NOT an accountant but this is how I undertand it will be applied.
|
|