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Your Homepage will alert you of new questions in your state
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
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What do you tell your clients(about 3.8% tax) who plan to sell their homes next year? You tell them that they may or may not have to pay that tax.
Here is an excerpt from Money Magazine discussing the tax:
The new tax, which Congress passed in 2010, affects the net investment income of most joint filers with adjusted gross income of more than $250,000 ($200,000 for single filers). Starting on Jan. 1, 2013, the tax rates on long-term capital gains and dividends for these earners will jump from their current historic low of 15% to 18.8%, assuming Congress extends the current law.
Basically what the new law says is if you and your wife make $250,000 or more in capital gains and dividend income and sell their house then yes they very could have a 3.8% tax on the sale.
For the average homeowner this will not affect the sale of their home in 2013 and beyond.
After further research, I have found out that this 3.8% tax was stuck in the Obamacare law at the last minute. Personally I think this is just another example of class warfare that the democrats are waging in our country. I am hopeful that in January that the new president will with the help of the congress and the senate overturn this bill and replace it with real healthcare reform not loaded with junk like this.
Here is a link to the entire article in Money Magazine.
The purpose of this blog will be to discuss the market conditions in the Dyersburg Tennessee area of west Tennessee. There will lots of useful information for buyers, sellers, bankers and other users of Dyersburg real estate information. I will also often quote other professionals.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.