Houston Area Real Estate & Relocation: February 2012

3.8% Tax on Real Estate Sales - Get the Facts

3.8% Tax on Real Estate Sales - Get the Facts


Rumor: There is a 3.8% federal tax on all home sales effective January 1, 2013.


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According to a recent post by the Texas Association of Realtors and also information put out by the National Association of Realtors . . . . .

Fact:  Effective January 1, 2013, a 3.8% tax will be placed on some home sales, but not all home sales.

Fact:  From the sale of a primary residence, an individual making over $200,000 a year, will have to pay a 3.8% tax on any profits over $250,000.  

Fact:  From the sale of a primary residence, a married couple making over $250,000 a year, will have to pay a 3.8% tax on any  profits over $500,000.


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Example:  An individual making over $200,000 a year and who sells their primary residence, making a profit of $260,000 or more, would have to pay $380.00.  ($260,000 - $250,000 = $10,000 x 3.8% = $380.00)

Example:  An individual making over $200,000 a year and who sells their primary residence, making a profit of $270,000 or more, would have to pay $760.00.  ($270,000 - $250,000 = $20,000 x 3.8% = $760.00)


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Example:  A couple making over $250,000 a year and who sell their primary residence, making a profit of $510,000 or more, would have to pay $380.00.  ($520,000 - $500,000 = $10,000 x 3.8% = $380.00)

Example:  A couple making over $250,000 a year and who sell their primary residence, making a profit of $520,000 or more, would have to pay $760.00.  ($520,000 - $500,000 = $20,000 x 3.8% = $760.00)


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3.8% Tax on Real Estate Sales - Get the Facts

Download and read the brochure published by NAR (National Association of Realtors).





Feel free to search HERE for the most up-to-date, up-to-the-minute, current MLS Information – it is the most current information available. Search for Homes in Houston, Cypress, Magnolia, Spring, Tomball, The Woodlands and more.

 

House icon/photo Courtesy of Dreamstime.

 

  Information contained herein is believed to be accurate; however, it is not guaranteed and should be verified.  Statistics are believed to be accurate at the time published; however, they are subject to change and should not be relied upon without verification that they are current.

 

Texas Real Estate Commission Consumer Protection Notice

Texas Real Estate Commission Information About Brokerage Services 

  

You may also be interested in:

Current MLS Information for Houston Area Real Estate, Houston, TX

Buying a Home in Texas

What Can an HOA Do to Improve Subdivision Values? 

 

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Helping Buyers BUY and Sellers SELL for Over 20 Years

Northwest HOUSTON, TX and Surrounding Areas
Including Cypress, Kingwood, Magnolia, Spring, Tomball, The Woodlands

 

Joyce Godwin, Realtor, CRS

RE/MAX Elite Properties
14257  FM 2920  #115

Tomball, TX  77377

 

(281) 381-0846 Cell

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Comment balloon 4 commentsJoyce Godwin, Realtor, CRS • February 17 2012 09:20PM
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