Posts from August 23rd, 2010
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23
Health Care Bill Includes New
A few months ago, a health care bill turned the country upside down on the subject of the "National Real Estate Transfer Tax." Both sides have argued whether or not the new "Real Estate Tax" exists. Some might even be asking what a Transfer Tax is. Unlike property taxes, real estate transfer taxes are state and local taxes that are assessed on property when ownership of the property is transferred between parties. These taxes are used in many areas to fund programs designed to preserve rapidly depleting spaces in commercial or residential areas, and to fund housing programs for low-income residents. With all the confusion and controversy we do have a better explanation! Effective January 1, 2013, singles with annual gross income over $200,000, and married couples with annual gross income over $250,000 will have to pay 3.8% tax on profit from the sale of their property. This is not an inco...
