All kinds of rumors have been swirling about what exactly is the 3.8% tax and how it will affect homeowners. Although referred to as a real estate tax, in reality, it is a tax on “unearned” investment income for high earning taxpayers (individuals who have an Adjusted Gross Income (AGI) over $200,000 and couples filing a joint return with an AGI over $250,000 ($125,000 when filing separately)). See below for the real skinny from the National Association of Realtors:
1.) When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will NOT be subject to this tax.
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