Forum Thread

Hardy Lake Topics

(Hardy Lake Specific)

0 messages

Updated

Off-Topic

Lakes Online Forum

84,091 messages

Updated 11/8/2024 10:28:12 AM

Boat Maintenance

Lakes Online Forum

5,204 messages

Updated 9/14/2024 10:10:50 AM

Hardy Lake Fishing

(Hardy Lake Specific)

0 messages

Updated

Jokes

Lakes Online Forum

4,172 messages

Updated 9/9/2024 5:04:44 PM

Sports

Lakes Online Forum

4,262 messages

Updated 11/6/2024 6:43:09 PM

Grilling & Recipes

Lakes Online Forum

2,979 messages

Updated 6/26/2024 5:03:03 AM

Tallapoosa River Topics

Lakes Online Forum

98 messages

Updated 4/15/2024 1:00:58 AM

Forum Usage Rules

Name:	lotowner -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/26/2010 9:07:42 AM

Is this really part of the HC Bill? If you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home etc.

Name:	muddauber -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/26/2010 1:14:30 PM

Yes, and more than that.
It is supposed to apply only to the upper income earners and sales profit of over $250,000. But who believes it would stop at that?
Also imposes a 3.8% tax on all real estate deals. Whether or not a real estate agency can pass this onto the buyers and sellers, it is tantamount to a 3.8% tax on all sales. So the real answer is Yes it is true.

Name:	GoneFishin -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/26/2010 9:44:12 PM

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.

Name:	MrHodja -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/26/2010 10:01:14 PM

Nice summary GF - doesn't look like it will hit too many of us poor folks. Thanks. Where were you able to find the info?

NH

Name:	GoneFishin -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/26/2010 10:52:21 PM

Here is the best site I have that I have found on the subject. The tax is actually an investment tax and includes interest, rent, and dividends but excludes 401k, IRA, and pensions based on what I have read. http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument

Name:	Mack -	Reply
Subject:	House Sale After 2012 - 3.8% Tax?
Date:	10/27/2010 8:38:01 PM

3.8% is a lovely number, you know? Wonder which financial think tank came up with that number, and the logic involved.
This is a prime example of why the Tax Code in this country is a nightmare to a citizen and small business owner, a steady income stream to accountants trying to understand it, and another handy slop pot for hungry politicians.

Whatever happened to the idea of a Flat Tax??

Name:	MAJ USA RET -	Reply
Subject:	Obscurity versus Clarity
Date:	10/28/2010 9:08:24 AM

LAWYERS make up the bulk of Congress (DEMS and REPS).

Lawyers’ (and accountants’) education, experience, and motivation prominently involve making money out of chaos. Herein lies the primary explanation for the complexity of all our legislation and our tax code. (NOTE: The Founding Fathers were not dominated by lawyers; therefore you can read and understand the Constitution… despite its archaic language.)

Manipulation of the tax code is obscured by the complexity of the code and the complexity of the process… that is, the whole process is hidden from the taxpayer.

The Fair Tax process would simplify taxation and make it nearly impossible to raise taxes without the population recognizing what is happening. Do you seriously think lawyers and accountants would support this?

From whence comes the courage to even introduce the Fair Tax? Lawyers and accountants are rarely noted for their courage or altruism. Would that lawyers adopt a Jeffersonian intellect and persona.

My thesis is therefore, STOP SENDING LAWYERS AND ACCOUNTANTS TO REPRESENT YOU IN CONGRESS! They are not trained to serve you.

Name:	muddauber -	Reply
Subject:	Obscurity versus Clarity
Date:	10/30/2010 9:04:59 AM

A very sound point!

Quick Links
Hardy Lake News
Hardy Lake Photos
Hardy Lake Videos