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What Do I Tell My Clients About The 3.8% Tax On Home Sales In 2013?
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 ... more

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