1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

tax on real estate sale

Discussion in 'Politics, Elections & Legislation' started by 635 G, Jul 19, 2011.

Thread Status:
Not open for further replies.
  1. 635 G

    635 G Well-Known Member

    Joined:
    Jun 30, 2008
    Messages:
    6,216
    OK, boys & girls went to my local club today & I was told there will be a 3.28% tax on real estate in the year 2012, thanx to OBAMICARE. I thought this was BS, checked it out on snopes---its for real--Its going to do wonders for the real estate mkt.

    Phil Berkowitz
     
  2. Gold Medal

    Gold Medal Member

    Joined:
    Jan 29, 1998
    Messages:
    342
    This subject has been discussed before on this forum.

    So, here goes again:

    If you sell your house for a PROFIT above the capital gains threshhold of $250K per indivdual, or $500K per couple, then you would be required to pay 3.8% on the gain over these amounts.

    Snopes has a very lenthy explanation regarding this tax.

    With the housing market being in the dumps generally (NOT everywhere)the average person shouldn`t worry. Unless, of course you live in a mansion obtained many years ago which you plan to sell. That being the case you are not average.

    Thank BO for this. It was written/hidden in the mandatory health care law.
     
  3. Grayson Mayne

    Grayson Mayne Member

    Joined:
    Jan 29, 1998
    Messages:
    357
    Nothing is more immoral than taking one persons property and giving it to another.

    In the immortal words of Ayn Rand " I do not recognize you need as a valid claim on my property".
     
Thread Status:
Not open for further replies.