Since we are real estate agents many people forward me the email about the new tax starting in January 2013. Basically what the email says is that when you sell your home you will have to pay a 3.8% tax on the proceeds of the sale. This new tax is not a real estate transfer tax. It is MUCH, MUCH more complicated than that (are we surprised the govt has anything that is complicated). To help make it a little more understandable the National Association of REALTORS has prepared this article entitled THE 3.8% TAX with 8 real estate scenarios. Most of us would fall into the first category, and only if there is a GAIN of more than the $250,000 for a single homeowner or $500,000 for a married couple on the sale of the home. To date we have not worked with any clients who have GAINED that much equity in their home, over and above their investment. If you think you might be approaching that cap on your home call us and we'll do an analysis on your home.
It is still a great time to buy and sell real estate, especially for your pricipal residence. Please pass this along to anyone who is avoiding a real estate transaction for fear they will be paying a "sales" tax.
contributed by Barbara Rozier-The RozierTeam
Keller Williams Realty Katy
281-395-0680
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