The 3.8% tax you’re not going to pay

A rumor has been circulating via e-mail and on the Internet about a 3.8% tax in the healthcare-reform law that will be imposed on unearned income … including proceeds from the sale of a home. The e-mail says you’ll pay $15,200 in taxes on the sale of a $400,000 home.

Not true. Only individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to the tax. Even then, the tax won’t apply to the first $250,000 on profits from the sale of a primary residence ($500,000 for couples). So, a single person who makes more than $200,000 a year and sells his home for $260,000 more than his purchase price would pay $380 ($10,000 profit above the $250,000 exemption times 3.8%). Read more at FactCheck.org.

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Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: https://www.texasrealestate.com/ or https://www.har.com/. And for all of your Pearland, TX and Northern Brazoria and Galveston County real estate needs, please visit my site at: https://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Remember, Danny Frank is a local Pearland, TX Real Estate expert! You can see my entire blog at: https://www.pearlandrealtyblog.com

Danny Frank

The Pearland Real Estate Expert

https://www.danfrankrealty.com

713-581-4702

Danny Frank

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