Once again, a rumor is circulating the internet that a 3.8% tax is now due on home sales. Â Here's the truth!
The facts are that individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to a 3.8% tax on profits of more than $250,000 ($500,000 for couples) from the sale of a primary residence. So, a husband and wife who make more than $250,000 a year and sell their home for $600,000 more than their purchase price would pay $3800 in tax. Â Of course, in today's real estate market, few homeowners are making that kind of profit on the sale of their property. Â If you have any questions about your specific situation, don't hesitate to give us a call. Â
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Posted by Sammy Gardner on
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