Tax time is nearing and once more rumors are circulating on the Internet and by e-mail that the health care reform law enacted two years ago includes a 3.8 percent transfer tax on real estate starting in 2013. That rumor is not true; NAR has material available to you to explain how that 3.8 percent tax works. It’s a tax on a very narrow band of investment income for high-wealth households (those who earn $250,000 in a joint return or $200,000 as an individual) that could come into play on the sale of a house if the sales gain is more than $500,000 for a married couple or $250,000 for an individual.
Even in the unlikely event the sales gain is more than that amount, the tax would only apply based on other considerations having to do with the household’s income and tax situation. The bottom line is that the tax, which was imposed to help shore up Medicare, will hit only some portion of investment income. Download a free brochure on how the tax works. Video and explanatory article.
you are looking for homes for sale in Colorado or more specifically homes for sale and real estate in Aspen, CO, luxury real estate in Snowmass, CO, or mountain homes for sale and Basalt, CO real estate or Carbondale, CO homes for sale, Barbara Carmichael of Red Deer Realty and her professional Buyer Agent Realtors are here to assist you as Colorado real estate buyer’s agents. Contact Red Deer Realty today to find out more about what a Buyer’s Agent is and why you should choose the services of a Buyer’s Agent over a general real estate agent. Call 970.309.7205
urce: National Association of REALTORS®