Today, we're dubunking a political myth and sharing a copy of an article written by the head of our broker support staff, Ann Bone that deals with the common misconception over the "real estate sales tax" that is going to be imposed to support President Obama's heath care plan. Read on:
Have you heard that Obama’s healthcare legislation will mean a 4% tax on all real estate sales? It seems that most agents have either been told this or are telling others this. IT’S NOT TRUE!
Open, read and pass on this NAR-prepared brochure (it gives some differenet financial scenarios where the taxes are applied).
Beginning in 2013, sellers realizing a PROFIT on the sale of their personal residence of $250,000+ for single sellers or $500,000+ for married sellers will be POTENTIALLY taxed and ONLY on the PROFIT over and above $250,000 for single sellers and $500,000 for married sellers and ONLY if their Adjusted Gross Income for that year exceeds $200,000 for a single seller and $250,000 for married sellers.
The attached brochure illustrates all the “what if?” scenarios about selling investment property and rental income. Please save this link; you’ll be rewarded by grateful buyers and sellers for knowing the facts.