Yes, you really did read this correctly. Individuals making over 200K and couples who make over 250K, you will now be facing an additional investment tax when you sell your primary residence! Yes, this is true! This was instituted when our Health Care Bill was adopted! So if your proceeds top your normal and pre-existing exemptions and capital gains, you’ll be paying a 3.8% tax on your proceeds! Essentially, you could be paying $3,600 per 100K made on the sale of your home!
Ouch!
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September 21, 2010 at 10:46 pm |
It’s on your personal residence. Keep in mind, that this is after your 250K/500K capital gains exemption (single/married) that you get when you sell your home AND if you earn as I mentioned in the blog, anything over that exemption will be taxed. So much was placed in this Health Care Bill that is slowly being found out by the public. All these little secrets and plans were kept under the sheets until this plan was approved. Even Pelosi stated she didn’t know what was in it but it had to be approved so that we would know what was in it. Huh? Watch my blog for more interesting information that can possibly impact you financially. Thank you for your question!