According to the National Association of Realtors® (NAR) a new real estate tax will go into effect in 2013.
The fact is that this capital gains tax of 3.8% will impact relatively few sellers. First of all, it targets home sellers with high annual incomes (individuals earning $200,000 per year plus, and married couples earning at least $250,000) … who reap sizable profits on the sale of their homes ($250,000 in profit for an single individual …$500,000 if you’re talking about a married couple). Link here for the pdf tax form.
And even for sellers who qualify under these two conditions, a tax may still not be levied.
The reason why? Other tax details need to be taken into consideration before the 3.8 percent tax can kick in. Simply having a high income (even if you make a substantial profit on the sale of your home) doesn’t necessarily indicate that you’ll be charged 3.8% in capital gains tax.
Link here for the full article and the forms.
If you’re considering selling now or in the near future, and are looking for a top real estate agent to list and sell your house with, we would be delighted to meet with you. Call or email us with your questions or connect with us here to arrange a seller consultation. We are a mother/daugher team … experienced top local realtors in South Florida … Alexandra and Vicki Restivo … 305 793-1365 restivo.v@ewm.com and we would love to help you buy, sell or relocate… locally or internationally. Call us.
