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3.8% Additional capital gains tax coming in 2013?


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#1 pdx5

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Posted 16 February 2012 - 07:47 PM

Wonder if the National Association of Realtors is working to get Health Care Reform repealed before it takes effect and if so, will they be successful? Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home, etc. When did this happen? It's in the health care bill and goes into effect in 2013. If you sell a $400,000 home, there will be a $15,200 tax going to the government. This will especially hurt the retiring generation who often downsize their homes, those who inherit homes, and anyone else who sells a house especially at this down economic time. Why 2013? Could it be so that it would not be an issue until AFTER the 2012 elections? Were you aware this was in the HCR bill? Guess what, you aren't alone. It is rumored that even a few members of Congress weren't aware of it either. =============================================== Note: I have not yet verified above, since I just learned about it....pdx5

Edited by pdx5, 16 February 2012 - 07:48 PM.

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#2 Dex

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Posted 16 February 2012 - 08:08 PM

http://www.snopes.co.../realestate.asp
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17_16


#3 milbank

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Posted 16 February 2012 - 10:59 PM

There is this amazing creation called the search engine. Ask it almost any question and it almost always gives you the answer like. . .

"Is there going to be a 3.8% Sales Tax on Homes in 2013?

Voíla.

The Facts on that Rumored 3.8% Sales Tax on Homes

Among the most common tax and housing policy questions we field here at NAHB is whether a 3.8% sales tax will hit home sales in 2013.

The answer is no.

Unfortunately, we’ve been tracking a set of emails that falsely claim that the 2010 health care reform legislation (which contained a burdensome 1099 reporting requirement, now repealed) imposed a 3.8% sales tax or transfer fee on all home sales in 2013. There is an element of fact underlying this rumor, but for the most part this claim is false.

. . .

The housing market has enough policy uncertainties today. We hope this false rumor concerning a 3.8% sales tax on home sales is not among them.

http://eyeonhousing....s-tax-on-homes/

Edited by milbank, 16 February 2012 - 11:07 PM.

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#4 pdx5

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Posted 17 February 2012 - 01:35 AM

Back at the computer, and found following article:
http://taxvox.taxpol...ate-be-in-2013/


What Will the Capital Gains Rate Be in 2013?

Howard Gleckman | Posted on April 7, 2010, 1:00 pm
My best guess is that the top tax rate on capital gains and dividends in 2013 will be almost 24 percent—a significant increase over today’s 15 percent rate. As a result, the decade-long tax holiday for investors is coming to a gradual end.

At the moment, the fate of all of these tax rates is a bit uncertain. But here is the recipe for big tax increases on investments: Take the tax hikes included in the newly-enacted health law. Combine with other tax changes President Obama has proposed in his 2011 budget. Add huge deficits and the scheduled expiration of the Bush tax cuts in less than nine months. The result is likely to be a big increase in taxes on capital, at least for the wealthiest investors.

Here are the numbers: The top rate on gains and dividends today is 15 percent. If Congress does not act between now and Dec. 31, the maximum rate on capital gains will rise to 20 percent, what it was back in 2001. The top rate on dividends will soar to 39.6 percent, its level prior to those 2001 Bush tax cuts.

Obama has proposed a 2011 tax on investment of 20 percent for both dividends and gains. But remember, the new health law includes an extra Medicare tax of 3.8 percent on investment income starting in 2013. The two changes combined would raise rates on investments to nearly 24 percent, at least for couples making more than about $250,000 and singles earning about $200,000.
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#5 pdx5

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Posted 17 February 2012 - 01:57 AM

I found more articles, claiming there will be additional 3.8% tax on INVESTMENT INCOME in 2013. It looks like to me if you sell investment property with a capital gain, you will be subject to that additional tax of 3.8%. It may not apply to your house of residence.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule