A rumor about a 3.8% federal tax on all home sales has again hit the in-boxes of Texas consumers and real estate agents. So, is there such a tax for all home sales? No.
The facts are that individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to a 3.8% tax on profits of more than $250,000 ($500,000 for couples) from the sale of a primary residence. So, a husband and wife who make more than $250,000 a year and sell their home for a $510,000 profit would pay $380.
Lucy A. Puniwai
(214)783-6416 - Cell/TEXT
(682)224-8050 - Fax
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