[RightOnline]

Since when is there a sales tax applied to a home??? Now, Federal / State taxes on the home as "income", I can see (hate it, but that's reality), but a sales tax???

[chance33_98]

That's how the headline was written...

[justlurking]

Since when is there a sales tax applied to a home???

A poorly written article by a clueless journalist. Why do you expect anything better?

Yes, the market value of the home is considered regular income. At $1 mil, that would put him into the top tax brackets for both federal and state income taxes -- 50% (overall) is about right.

But, he will net about $500K. That will buy him a very nice home anywhere in Texas -- probably even better than the one he sold in Maryland. And the really nice part is that he doesn't have to live in Maryland.