Kristin's Blog: Want to avoid Uncle Sam? Act NOW!

Want to avoid Uncle Sam? Act NOW!

Want to avoid Uncle Sam? Act NOW!

Do you own a home that you could sell today for over $250,000?  Maybe a rental property that you earn income off? Have you been considering selling your home but waiting until next year?  Do you find it ridiculous to pay a 3.8% tax on unearned income from your profits? 

If this is you, sell NOW!

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income. 

What is "unearned income" anyway?   It is ANY income you might receive from sources other than your job.  Maybe they are interest and dividends from investments, or income from rental property.  It can even be interest you recieve on a savings account, social security income, unemployment checks and even child support. 

Who has to pay it? Inidividuals making $200,000 or more and families making $250,00 or more are the lucky ones.  

What if I don't make $200,000 but I sell my home that is over that amount?  Even if you are only rich for one day, you will have to pay the full tax on the sale of your home.

Is there any good news? There is a $250,000 threshold which means any gains below that are tax free.

What if I want to keep my 3.8%? Call me so we can get your home sold now & not wait for 2013.

Kristin Moran

Specializing in San Antonio & surrounding cities
-------------------------------
RE/MAX Access - Realtor®/Owner

KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com

Buy a home from me, use the truck to move for free!

 

                

Comment balloon 1 commentKristin Moran • March 01 2012 10:55AM

Comments

OMG.

Always trying to get into our pockets!

What will they think of next?

Posted by Sheila Moran, SanAntonioSheila.com, RE/MAX Access, 210-32 (RE/MAX Access (Garden Ridge, San Antonio, New Braunfels)) over 8 years ago

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