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Stop scaring the seniors!

By
Real Estate Agent with McCarty Homes 246247

An email is circulating and my mother sent a copy of it to me.   Of course, she was believing every word of it, as I am sure many will without any research at all.

The jist of it was that a real estate tax of 3.8% is going into effect in 2013 as a result of the health care bill passed last year that will impose a tax when you sell your home.   Example:  sell a $400,000 home and you would owe $15,200 for this tax.

WRONG!  

The health care legislation imposed a 3.8% transaction tax on profit over the capital gains threshold.   Meant for investors, not the seniors who intend to downsize in droves within the next few years.

Take a sigh of relief Mr. and Mrs. late 50's or early 60's.   This hit on your equity is not going to happen!

Posted by

Stephanie McCarty              

Berkshire Hathaway HomeServices Georgia Properties

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Comments(3)

Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

Good that you are sharing that clarification out there in the public light. Relax some pace makers 

Feb 01, 2011 02:28 PM
Laura Forman
RE/MAX AEROSPACE REALTY www.LauraSellsBrevard.com - Melbourne, FL
Your Brevard Premier Property Specialist

Stephanie, I am currently writing a post on the very same subject.  We need to get the correct information out there.

Feb 01, 2011 02:31 PM