Forum Thread

Home Sales tax starting 2013

Reply to ThreadDisplaying 3 Posts
  • Are you sure you want to delete this post?
        
    Is this true and if so what can we do to stop this?
    Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home, etc. When did this happen? It's in the health care bill and goes into effect in 2013.

    Why 2013? Could it be to come to light AFTER the 2012 elections? So, this is "change you can believe in"? Under the new health care bill all real estate transactions will be subject to a 3.8% Sales Tax.

    If you sell a $400,000 home, there will be a $15,200 tax.

    This bill is set to screw the retiring generation who often downsize their homes. Does this make your November and 2012 vote more important?
  • Are you sure you want to delete this post?
        
    Refer to FactCheck.org on this issue: A 3.8 Percent "Sales Tax" on Your Home?

    The Answer: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

    According to FactCheck.org: "The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home."

    So unless you are super rich and are selling multi-million dollar homes at enormous profit you won't be affected.
  • Are you sure you want to delete this post?
        
    The law still blows.  And why was it buried in the Health Care Bill?  So typical of Pelosi, Reid, and Obama.  Deception, along
    with smoke and mirrors.  This will most likely create another IRS form/electronic page  that will have to be prepared and submitted
    anytime a piece of real estate is bought and sold.in a given tax year.  We got rid of the Capital Gains Tax in 1997, and this
    beast stands to be just as bad.  You will have to prove you did not experience these profits...keeping original closing records
    for decades, monitoring every home improvement, underselling to avoid the tax, etc.  What a mess.  And what would keep a future
    Democratic President and Congress from changing the law and subjecting EVERY home sale to this sales tax regardless of
    income?  Obama has got to be beaten in November 2012 so maybe we stand a chance of having this piece of trash repealed
    by a GOP administartion.  I sware the clown in the White House will not be happy until every American is living in Soviet style,
    government provided housing.  His Marxism continues to be exposed.