Currently there is a lot of chatter and a lot of misconstrued emails going around regarding the imposed sales tax on the sale of real property. There is some truth to this, but there are certain limitations and guidelines that apply. Barack Obama did promise that "Change is Coming...."
This change can be found in the President's health care and Medicare overhaul plan. This new tax passed by congress in 2010 has the intent of generating an estimated $210 billion.
Please understand that this tax will NOT affect all real estate transactions. The tax will fall only on individuals with an AGI of $200,000 and couples filing joint with a joint return with more that $250,000.
Once this goes into effect in 2013, it may impose a 3.8% tax on some but NOT all income from interest, dividends, rents (less expenses) and capital gains (less capital loss). If you fall into these income limitations and may be subject to this tax, please make sure to seek counsel with your real estate agent, accountant and or your qualified financial planner. www.chriscastetter.com
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