My understanding this is only on capital gains on over 250k. (bad enough but still...) Anyone know if this is the case or if it is ANY real estate transaction?
Today is starts at 250,000 but like all taxes the will drop the rate down to any home sale where there is a provite. Just wait for the money grab.
Assuming you are married, for the tax to apply, you would have to make over $250,000 and your gain on the sale of your primary residence would need to be greater than $500,000. You'd pay 3.8% on any amount greater than $500k.
My understanding is that there is not a $500,000 credit on the sale of homes that are not your primary residence.
In the sale of your primary residence, this will apply to virtually no one. This is essentially an extra tax on those who own second homes or rental properties.
It looks like you pay the 3.8% if your capital gain on the sale is over $250,000 for an individual, or $500,000 for a couple. I’m more than a little concerned because I’m in the process of selling my parents home. Split between my sister and I we are probably looking at around $230,000 combined. We are far from “rich.” This bastard will stop at nothing to destroy America.
Don’t know about your question, but I’m pretty sure Medicare/Medicaid taxes will be levied on rental property income and investments. More bad news, maybe it’s time to start buying gold coins and bury them in the back yard.