real estate taxes: The Payroll Tax and Increase in Mortgage Fees - 01/12/12 10:26 PM
Another tax is going to be implemented on real estate starting January 1st.
In order to cover the two month "payroll tax holiday" fees will be increased on government backed mortgages from Fannie Mae and Freddie Mac.
The fee will be an additional 0.1 "surcharge" paid monthly on mortgages from both government backed institutions.
A typical $200,000 mortgage will see an approximate increase of $17 per month.
The Payroll Tax is used to fund Social Security. A two month "tax holiday" will take around $33 billion dollars away from the Social Security Trust Fund.
Bottom line: There is not free ride. … (0 comments)
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real estate taxes: Obama Health Care Plan and an Additional Real Estate Tax - 01/12/12 04:48 PM
I just received an email from my Dad about a real estate tax that would be part of the Obama Health Care plan.
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
I have attached two links to the National Association of Realtors website. … (0 comments)
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