3410 La Sierra Ave. #F41 ~ Riverside, CA 92503 ~ (951) 286-4572
 
Community Forums    Search Site    Explore Our Community    The Board    Login/Signup    Contact Us

BE AWARE OF THE 3.8% REAL ESTATE SALES TAX TO GO INTO EFFECT 2013?

Residents Association of Greater Lake Mathews


RAGLM Board > General Discussion > Be Aware Of The 3.8% Real Estate Sales Tax to go into effect 2013?
6/20/2011 1:50:55 PM
Be Aware Of The 3.8% Real Estate Sales Tax to go into effect 2013?Post: Cindy Ferry
It's a 3.8% tax on an "profit" from the sale of a home ... over either $250,000.00 for a single person or $500,000.00 for a married couple. My question is, is this at the point of sale itself or after you get to take any deduction you have on the property? Wouldn't your deductions be applied to that profit prior to taxing it at 3.8% or is the government not allowing deductions on this part of the tax bill? Anyone of our Realtors out there know the answer to this one? I'd like more input, if someone could give some. It's my understanding that this is to help generate revenue for the Healthcare bill.
Current Members: 346  ~ Total Posts: 1589  ~ Total Replies: 1928  ~ Total Polls: 16  ~ Total Poll Answers: 277  ~ Total Views: 2753241