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Discussion Starter #1
Obama

My son just e-mailed me that the new Health Care Bill has an attachment that says if you sell your home in 2012 you will have to pay 3.8% sales tax, on a home of $100,000 that is $3800.00.

They ooered the new home buyers cash amd now they want the people who worked hard for their home to give the Government back 3.8% of the selling price.

I just listed my house for sale and I am going to call my Real Estate Agent and raise the selling price 4% to cover the cost.


Gary Bryant
Dr.lobgshot
 

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Up here in Ontario, Canada our Provincial government just added 8% tax to gasoline, funerals and some home sales ... they told us it was a good thing. Bill Malcolm
 

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You really believe that LS?

There is no "sales tax" provision on home sales, although there is a potential new tax of that rate.

There is a provision adding a medicare tax (3.8%) to investment income. There are large income limitations before it comes into play, even more so with the capital gain on a house. You need some very large gains on your home before it comes into play. It applies to a lot more items than your house.
 

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Our Senators and Representatives would have been better served to have tried to read and understand it rather than grand standing and trying to make political hay out of it. JMHO.
 

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Discussion Starter #7
Check it out Obama wants 3.8% tax from all homes sold after 2012. This is attached to the health care bill.

GB
DLS
 

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LS:

Once again, you are typing something without trying to understand it first.

He wants an additional 3.8% medicare contribution on investment income, for certain people with income over a pretty high threshold. This will impact SOME home sales (only those subject to income tax under current rules.)Certainly not all homes though.

I'd be more worried about the impact on other investment income, since most of us won't ever have a taxable gain on the sale of their house.
 

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What about the last time you sell your home? Or is sinking your "profit" into the old folks home exempt?

I'll bet they didn't include a tax on the sale of your yacht.
 

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Remember, there is no "rollover" of the gain on sale of your home anymore, if that is what you are referring to. For married taxpayers, there is no tax unless you sell for a $500,000 gain. Starting in 2012, if you're in that situation, you will have an additional 3.8% medicare contribution tax on top of your regular capital gains tax on the sale of the home.

A gain on the sale of your yacht will also be subject to the new tax. Gains on the sale of just about any capital items will be potentially subject to the tax. Again, only for taxpayers making over a certain amount.
 
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