Potential new tax on the sale of your home

Will the new federal health care law imposes 3.8 percent tax on profits from selling your home. The truth is that, starting in 2013, only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will potentially be subject to the tax. For those with such incomes, the tax will not apply to the first $250,000 of profits from the sale of a personal residence and/or to the first $500,000 in the case of a married couple selling their home.

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Published in: on August 26, 2010 at 8:23 am  Leave a Comment  

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