irs: The New Medicare Tax
- 08/03/10 03:02 AM
The healthcare reform law passed earlier this year includes a little-discussed tax on some forms of real estate transactions. The tax, which supports Medicare, potentially affects couples with adjusted gross incomes greater than $250,000 a year and singles with incomes above $200,000. Existing home sale tax breaks remain in place. The tax is levied on the gain figured on the lesser of the sale of the house or the amount by which the sellers’ income exceeds the appropriate threshold. Here’s an example: • Profit on home sale: $600,000 • Sellers’ income: $300,000 • Deductible amount under current law for a married … (1 comments)
The leader in "Virtual" real estate. Move to Summit as an agent or bring your whole brokerage to Summit and take advantage of our business opportunities. Only company with three industry leading 100% commission programs available.
The healthcare reform law passed earlier this year includes a little-discussed tax on some forms of real estate transactions. The tax, which supports Medicare, potentially affects couples with adjusted gross incomes greater than $250,000 a year and singles with incomes above $200,000. Existing home sale tax breaks remain in place. The tax is levied on the gain figured on the lesser of the sale of the house or the amount by which the sellers’ income exceeds the appropriate threshold. Here’s an example: • Profit on home sale: $600,000 • Sellers’ income: $300,000 • Deductible amount under current law for a married … (1 comments)
;)
;)
;)
