Tax on sale of your home.

[sweetnectar]

A while back I had heard of a tax that was somehow tied to the health care package that effects the sale of your home. Does anyone know any details on this? I can't remember if it is a sales tax off of the total sale of the home or if it was a tax on the gain of the home. It seems like the effective date was to be sometime in 2012??? Any details would be greatly appreciated as I think this would effect most of us on hunt talk if we ever buy or sell our homes.

 

[npaden]

Unless most hunt talkers make WAY more money and have WAY nicer homes than I think it shouldn't affect many of us. The same $500k exclusion for married couples and $250k exclusion for singles still applies. That's an exclusion of the gain, not the sales price, you would need to make a $500k profit sellin your home over and above what your cost basis is before you paid any tax.

If you make a $500k gain AND you are considered a "high earner" then you will have to pay an extra 3.8% tax. It also doesn't become effective until 2013.

Hope that helps. Nathan

 

[sweetnectar]

That certainly helps...and calms my nerves as well. Thanks!

 

[Lawnboy]

One of the times that I feel glad that I'm a few thousand short of something.

 

[chasendeer]

I would be happy to be able to pay that tax!!!
Jay

 

[idnative1948]

Where is Fin when you need him??

 

[Big Fin]

Where is Fin when you need him??

Right here. Exactly what Npaden said.

 

[DRAFTSTUD]

Wrong attitude! Any tax like this is bad. Any of us on this Forum can see our financial situation jump given the right chance. I hate when a tax is levied on the "Upper Income". Heck, that is what I strive to achieve! John

 

[monthunter]

Not necessarily the wrong attitude. Reminds me of the retired farmer who has received thousands and thousands of dollars from Medicare and before that thousands and thousands in farm subsidies and then complains about having to pay his income tax. Someone has to pay for things. Some things the govt provides people don't like but even the most conservative usually supports the military and that has to be paid for as well.

 

[DRAFTSTUD]

Not necessarily the wrong attitude. Reminds me of the retired farmer who has received thousands and thousands of dollars from Medicare and before that thousands and thousands in farm subsidies and then complains about having to pay his income tax. Someone has to pay for things. Some things the govt provides people don't like but even the most conservative usually supports the military and that has to be paid for as well.

Yes, Wrong attitude. We have too many on entitlements who pay no taxes, until that changes I'll stand by my statement. John

 

[Ben Lamb]

Yes, Wrong attitude. We have too many on entitlements who pay no taxes, until that changes I'll stand by my statement. John

I support ending corporate welfare and taxing the rich at a rate that resembles the working class as well.

Jon Stewart does it better than I ever could: http://www.thedailyshow.com/watch/t...-class-warfare---the-poor-s-free-ride-is-over