[heiss]

MFJ is “married filing jointly” tax status.

There is tax indeed in Obamacare, and it will apply also to the house sales, but only for the portion that is taxable. In other words, for married couple filing taxes jointly, the first $500k in gains is not subject to the new tax. For single filer, the limit is $250k.

So, if you bought a $200k house and now sell it for $500k as a single filer, the new tax applies to the $50k portion of the profit. For a married filing jointly, the tax for $200k house is applied only if the price exceeds $700k.

[o_zarkman44]

A tax is a tax. I have been paying property taxes on MY PROPERTY since I bought the house. Now I get equity and decide I may want to sell so I can upgrade, or downsize to save some money, and I get gouged again, on TOP of capital gains.
And to WHO’s benefit???

[thethirddegree]

MFJ is “married filing jointly” tax status. There is tax indeed in Obamacare, and it will apply also to the house sales, but only for the portion that is taxable. In other words, for married couple filing taxes jointly, the first $500k in gains is not subject to the new tax. For single filer, the limit is $250k. So, if you bought a $200k house and now sell it for $500k as a single filer, the new tax applies to the $50k portion of the profit. For a married filing jointly, the tax for $200k house is applied only if the price exceeds $700k

Thank you very much FRiend.Your post was very helpful.