Health & Fitness
3.8% National Realty Transfer Tax Myth
As part of the federal health care law, a 3.8% Medicare Tax was enacted on net investment income.
As part of the federal health care law, a 3.8% Medicare Tax was enacted on net investment income. However, this tax does not apply to all capital gains from a home sale. This tax only will be applied if the following two pieces of criteria are met:
1. If the gain from the home sale is over $250,000.00 for individuals or $500,000.00 for couples.
2. If individuals earn over $200,000.000 per year or couples earn over $250,000.00 per year.
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If both of these pieces of criteria are not met, the 3.8% Medicare Tax will not be applied. In addition, this tax has not yet taken effect. If is not scheduled to do so until January 1, 2013.
The following link will bring you to additional information:
