Pearland Real Estate Expert

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The 3.8% tax you’re not going to pay

A rumor has been circulating via e-mail and on the Internet about a 3.8% tax in the healthcare-reform law that will be imposed on unearned income … including proceeds from the sale of a home. The e-mail says you’ll pay $15,200 in taxes on the sale of a $400,000 home.

Not true. Only individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to the tax. Even then, the tax won’t apply to the first $250,000 on profits from the sale of a primary residence ($500,000 for couples). So, a single person who makes more than $200,000 a year and sells his home for $260,000 more than his purchase price would pay $380 ($10,000 profit above the $250,000 exemption times 3.8%). Read more at FactCheck.org.

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Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/. And for all of your Pearland, TX and Northern Brazoria and Galveston County real estate needs, please visit my site at: http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.


Remember, Danny Frank is a local Pearland, TX Real Estate expert! You can see my entire blog
at:  http://www.pearlandrealtyblog.com

 

 
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Comment balloon 5 commentsDanny Frank • February 14 2011 08:11AM

Comments

It is part of the right's constant misinformation campaign.  There is plenty wrong with the left, but instead of pointing out that stuff, the right likes to spread lies like this one and the "death panels".

Posted by Ed Urbaniak (The Chin Sells Team at Weichert Realtors) over 7 years ago

Danny - I received the email and at first got angry, then settled down realizing that you can't always believe what you receive in an email. Even if it is forwarded by someone you trust. I forgot about factcheck.org. Thanks for your post.

Posted by Judy Jennings, Broker - The Lanterns at Warren Woods - Ashland MA (The Green Company) over 7 years ago

I am amazed at the number of generally very bright people who send me these e-mails without vetting them. I immediately check sites such as snopes.com and thanks for reminding me about factcheck.org.

Posted by Tom Robinson, Experienced Real Estate, Professional Serving No. VA and DC (Keller Williams Realty Kingstowne/Alexandria, VA Office) over 7 years ago

Danny, That is good information to have, thank you for posting this!

Posted by Tony & Darcy Cannon, The C Team (Aubrey and Associates Realty) over 7 years ago

Danny - This is important information to know.  I am convinced those folks that send around those email rumors, are actually anarchists in disguise:-)  I do a lot of checking of them via www.snopes.com and Factcheck.org

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 7 years ago

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