Janet's Fort Leonard Wood Blog

Well everyone I am back!  It has been a crazy week, but I love it that way.

So have you been lisening to all the hype about the 3.8% federal sales tax on home sales?  The internet has been going crazy with this stuff.  I have received all kinds of articles stating anyone who sells their home after 2012 will be required to pay a 3.8% sales tax.  Thank goodness we do not listen to what everyone tells us.   Well here is the skinny of the whole thing.
 
The truth is that if you sell your home for a profit above the capital gains threshold of $250,000 per individual or $500,000.00 per couple them you would be required to pay the additional 3.8% tax on any gain realized over this threshold. 
 
So most of us will not have to worry about paying this tax when we sell our home, but there will be some that will have to pay this tax.  This tax is aimed at the higher income earners so if you do not fall into that catagory you will not have to worry about it.

That is all for today, see you next week.