Esther, do you research these things before you post them, or just blindly post lies? This is a 3.8 percent tax on the investment income of couples who make more than $250,000 or individuals who make more than $200,000, not a tax on all real estate transactions as your deceitful article states.
I have said it before and I will say it again: it is sad that some "Christians" need to spread lies and bear false witness to try and convince others of their political beliefs.
So it's just another tax on those making 200k or more?
Around now I'd be feeling really majorly screwed if I was making 200k a year and hearing all the stuff about the increased taxes and what not..Im sure someone making 1 mill or more might feel less unease though, but then again I don't know.
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So it's just another tax on those making 200k or more?
Around now I'd be feeling really majorly screwed if I was making 200k a year and hearing all the stuff about the increased taxes and what not..Im sure someone making 1 mill or more might feel less unease though, but then again I don't know.
If you have a property that you bought for 300,000 20 years ago and sell it for 600,000 You made 300,000. After inflation, it has not gained in value but you gained a new tax bracket. You are in the 200k plus tax bracket. One of several painful points includes that you are taxed for inflation.
So it's just another tax on those making 200k or more?
Around now I'd be feeling really majorly screwed if I was making 200k a year and hearing all the stuff about the increased taxes and what not..Im sure someone making 1 mill or more might feel less unease though, but then again I don't know.
Yes, apparently it is a tax on investment income of couples who make $250,000 or more or individuals who make $200,000 or more.
If you have a property that you bought for 300,000 20 years ago and sell it for 600,000 You made 300,000. After inflation, it has not gained in value but you gained a new tax bracket. You are in the 200k plus tax bracket. One of several painful points includes that you are taxed for inflation.
If you were a married couple, you still would not be taxed on any profit you make from selling your home, usually up to $500,000. $250,000 if you are single.
If you were a married couple, you still would not be taxed on any profit you make from selling your home, usually up to $500,000. $250,000 if you are single.
I take it you have no real accounting background. It has to be a primary residence. You have to have lived in it a minimum period of time and fill out the forms to see if you qualify.
Quote:
“Taxpayers are currently allowed to exclude up to $250,000 ($500,000 for married couples filing jointly) of the gain realized on the sale of a principal residence, generally as long as the property was used as a principal residence for at least two of the five years prior to sale. The legislation would reduce the exclusion for some residences that were not the principal residence for all of the prior five years,” according to the Congressional Budget Office.
Now we have a penalty for convertintg it to a rental.
Obama is out to get tax directly or thru the back door. Go read the CCH bulletins and have a CPA deal with the mess.
Good grief girl, you post something that is blatantly inaccurate, then post a link to a snopes article that debunks what you posted!
There is a real dirty underhanded stealth tax in the Bammer healthcare bill that is worth talking about.
lying about it and getting people riled up only to find out what they are mad about isnt real.... AND POSTING PROOF OF THE LIE is pretty sloppy.
PLEASE READ THE SNOPES LINK IN THE FIRST POST.
I wouldn't touch Snopes. I also don't take advice from realtors or investment counselors.
Take it to a real CPA. Unless one can google the forms and fill them out from the IRS, they pretty much detail all the qualiifies and conditions on calculating sales, gains and even intangible taxes.
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