3.8 % Tax When You Sell Your After 2012

[Smalliebigs]

I just found out from my banker/mortgage guy if you sell your house after 12/31 of 2012 you will be paying a 3.8% sales tax to help pay for the Healthcare mandate........wtf.....that ought to help the housing market. What a joke....this is what happens when you push a bill thru congress in the middle of the night and try not to let anyone read it.Most of our elected politicians should be hung from a stout branch for treason.

[Daryk Campbell Sr]

I agree, I often feel that politicians forget that they represent the PEOPLE. But back to the topic at hand, What does housing have to do with healthcare....? ..... 3.8% seems awefully high, very high, wow.

[rps]

Your banker misinformed you. Not surprising in a time when everyone seems to be using the "Big Lie" system of politics.

If you make more than 200,000 net taxable income per year, and if you and the wife sell tthe house and make a profit of more than 500,000, and if you do not put the profit back into the new home, then, and only then will 3.8% be assessed on the excess of the 500,000.

Track this link: http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

[ness]

You need a new banker/mortgage guy.

[Smalliebigs]

If you're married and your gross income is more than $250,000 you will be taxed 3.8% on any sale of property....you will be exempt from the first $500,000 of profit. Well we own our house and unfortunately for me and my wife we will fall into this income bracket that I'm sure all you libs will lable as rich and should be taxed to the hilt. No one was using the "Big Lie" system. the only lie or fraud was crap like this beeing passed with out anyone reading or informing the public of what the ###### is going on.

I guess you can say sell your house fast if your going to get a divorce and own your house

Why would I need a new mortgage guy???? he informed correctly.....I need some new politicians in DC and Missouri

[Stoneroller]

Why would I need a new mortgage guy???? he informed correctly.....I need some new politicians in DC and Missouri

^^^^^^^^^

[Wayne SW/MO]

Why would I need a new mortgage guy???? he informed correctly.....I need some new politicians in DC and Missouri

Yup.

[rps]

Smalliebigs:

I had no intent to challenge you. The tax, of which I had not heard, sounded bogus. The first article I found on it was an op ed piece that claimed the Obamacare bill would tax every home sale. When I found that was a gross exageration - the Big Lie - I assumed your banker was the victim of someone writing or telling that same lie.

As for the tax you might have to pay because of your fortunate position - well, more taxes are never good news.

[Gavin]

There are suckers born every minute...but Its pretty hard to sell a home for $500,000 more than you paid for it these days, especially in the midwest..I might hit a few Californians and New Yorkers.....if so, I'm for it.

[ness]

Your statement in #1 is materially different than #5, and on it's own incorrect.

I don't care enough about it to research, but typically any profit from the sale of a primary residence that is reinvested in a primary residence isn't considered taxable. Is that out the window with this new crap?