Wednesday, August 22, 2012
Dyersburg Real Estate Transfers May Not Be Affected By New 3.8% Tax
Here is an excerp from the magazine smart Money:
The new tax, which Congress passed in 2010, affects the net investment income of most joint filers with adjusted gross income of more than $250,000 ($200,000 for single filers). Starting on Jan. 1, 2013, the tax rates on long-term capital gains and dividends for these earners will jump from their current historic low of 15% to 18.8%, assuming Congress extends the current law.
Many Dyersburg people have been asking me if they will have to pay this special 3.8% tax when they sell their home. The answer is maybe. If the husband and wife's combined annual income exceeds $250,000 and they sell a home with a long term capital gain then yes they will pay the tax.
Here is a link to the entire article.
This tax was added at the last minute by democrats who rammed this bill through congress. Personally I believe this is bad for America and just another act of class warfare.
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