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).
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.
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