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Author Topic: The tax on house sales starting Jan 1....  (Read 780 times)

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Offline Flame

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The tax on house sales starting Jan 1....
« on: September 28, 2012, 04:24:19 PM »
I had someone tell me that it isn't a straight tax on house sales, but a tax on profit.

This is what she said : What the bill really says that individuals making 200,000 a year (or married couples) making at least 250,000/year, there will be a 3.8% tax on any PROFIT after the first 250,000 PROFIT on your home sale, not a tax on the sale price of your home.

Can anyone point me to official wording of this so I know what's what?
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Offline rich_t

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Re: The tax on house sales starting Jan 1....
« Reply #1 on: September 28, 2012, 06:20:39 PM »
Quote from: Flame on September 28, 2012, 04:24:19 PM
I had someone tell me that it isn't a straight tax on house sales, but a tax on profit.

This is what she said : What the bill really says that individuals making 200,000 a year (or married couples) making at least 250,000/year, there will be a 3.8% tax on any PROFIT after the first 250,000 PROFIT on your home sale, not a tax on the sale price of your home.

Can anyone point me to official wording of this so I know what's what?

Goggle "housing sale tax health care bill" and take your pick on articles.
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"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944
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