Details re: 3.8% Tax
I continue to get questions about the "3.8% Tax" on real estate transactions that will kick in January 2013.
Here is an excerpt from a document that the National Association of Realtors put together…
"Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI."
This WILL impact the sale of your principal residence IF your adjusted gross income exceeds the threshold.
If you would like a more thorough explanation, you can view the full document here.
Feel free to contact me if you have any questions.
720-289-0260