According to the National Association of Realtors® (NAR), there is a new real estate tax effective in 2013, but it will affect very few sellers – only people with a high annual income who turn a sizable profit on their home sale.
A 3.8 percent levy on certain investment income was included in healthcare legislation two years ago. Part of that investment income includes capital gains from home sales for individuals who make $200,000 per year or more, or married couples who earn at least $250,000.
However, even these individuals won’t pay the tax unless the home sale earns them over $250,000 for an individual or $500,000 for married couples.
And even if someone qualifies under these two conditions, a tax may still not be levied. Other tax details are considered before the 3.8 percent tax kicks in.
NAR has published a brochure on how the tax works, which is now available online. Download the 3.8% tax brochure (PDF).
Source:Florida Realtors®
Tuesday, March 13, 2012
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