Beginning January 1st, 2013, "high-income" tax payers are penalized 3.8% on the sale of their house.
As we know, "high-income" means income in the amount of$1,000,000, $250,001, whatever is deemed to be politically feasible.
That's $3,800 on a $100,000 home, $15,200 for a $400,000 home, etc...
This bill is will certainly affect the retiring generation, -- who often downsize their homes and coincidentally often receive a lot of medical care.
"The tax could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time." [Quote from 2010 article: http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home]
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
As we know, "high-income" means income in the amount of
That's $3,800 on a $100,000 home, $15,200 for a $400,000 home, etc...
This bill is will certainly affect the retiring generation, -- who often downsize their homes and coincidentally often receive a lot of medical care.
"The tax could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time." [Quote from 2010 article: http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home]
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
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