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3.8% Sales Tax on Real Estate sales?
An agent in our office received this in her e-mail.  She asked her husband (the real estate attorney) if it were true.
Neither of them had heard anything about this.  You would think that if this were true, one of the two of them, would know something about it.
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I immediately hit the internetsearching for the answer.  It must be true, after all, it says "verified" right in the e-mail itself.____________________
Well, as you can imagine it's only fractionally true.  If you happen to run across this e-mail, or a client of yours calls panicky after reading this e-mail, you'll know the facts:
According to FactCheck.com only a tiny percentage of home sellers will pay the tax. Only those with incomes over $200,000 a year (or $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.
I think this stands repeating:  ONLY those with incomes of $200,000 or more will be subject to it (or ... more

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