Once again, a rumor is circulating the internet that a 3.8% tax is now due on home sales.  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.  Of course, in today's real estate market, few homeowners are making that kind of profit on the sale of their property.  If you have any questions about your specific situation, don't hesitate to give us a call.  


Posted by Sammy Gardner on


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