Yes, there is but it may not affect everyone. Though just because the minority may be affected doesn’t mean it doesn’t exist.
First of all, I’m not a CPA and readers are advised to receive counsel from a competent CPA or accountant prior to making any decisions.
This tax will affect individuals with a adjusted gross income over $200,000 and joint return couples with and adjusted gross income over $250,000.
So how does it work?
The 3.8% tax will be forced when a person or couple selling are selling their home and capital gains tax is being applied. A little double dipping from your elected officials.
Oh yeah. The tax goes beyond your principal home to include the following:
- Sale of non-real estate assets. Meaning your stocks and bonds or as many call them… retirement. Sorry Lankowsky.
- Gain, interest, and dividends from security.
- Real Estate investment income.
- Some rental incomes.
- Sale of a second home with no rental history aka your vacation home.
- Sale of inherited investment property.
- Purchase and sale of investment property.
For a more thought out summary with financial examples from someone willing to take on the liability click here.
Ricky Beach
Broker/Owner|RealtorŽ|CDPEŽ|SFRŽ
Renown Real Estate Services
6900 South McCarran Blvd., Suite 3040
Reno, NV 89509
| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |
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