Off-Topic: House Sale After 2012 - 3.8% Tax?
(Carroll County Lake Specific)
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Name:
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GoneFishin
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Subject:
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House Sale After 2012 - 3.8% Tax?
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Date:
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10/26/2010 9:44:12 PM
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The 3.8% tax will apply to singles earning $200,000 or more who sell a primary residence where the profit is more than $250,000. The tax of 3.8% will apply for those people on the profit over $250,000. You do not add the profit to the income to see if you are over the $200,000 income level.
For a married couple earning $250,000 or more who sell a primary residence where the profit is more than $500,000, the 3.8% tax will apply to profit over $500,000. You will not add the profit to the income to see if it is over the $250,000 income level.
The 3.8% will apply to the profit on the sale of a VACATION home if your income including the profit from the sale exceeds $200,000 if you are single and $250,000 if you are married.
I am NOT an accountant but this is how I undertand it will be applied.
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