The New House Tax 2013 or as we call it 3.8% Medicare Tax on “Unearned” Net Investment Income
Is my house going to be taxed when I sell it? I keep getting this question from my clients and I thought I would try to address it here.
Based on NAR (National Association of Realtors)
NAR Press Release 3.8% Housing tax click here to read
Arizona Association of Realtors Video Response to this new Tax Law.
I am not a CPA but my wife is.. OK not funny but essentially it looks like:
1. you have to make$200,000 if single or $250,000 couple before this tax can be triggered.
2. 3. 4. and 5. are very long drawn out tax legalese that only my wife the CPA can figure out..
But is sounds like most people will not have to worry about the tax.. please seek real tax advice from a tax unprofessional.
Another Video that I like better than the last.
Other links to help you out.
http://www.realtor.org/topics/health-care-reform/the-38-tax-and-health-care-reform
http://www.ksefocus.com/billdatabase/clientfiles/172/8/1437.pdf I like this one the best..
http://speakingofrealestate.blogs.realtor.org/2012/10/09/3-8-tax-whats-true-whats-not/
I will add more resources here when i find them.
