For those Selling their home or land..

[two_bit_score]

I received this in an email from my wife's cousin...new to me..

REAL ESTATE SALES TAX



" Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax.
Oh, you weren't aware this was in the Health care bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either "[/B


ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans - Blog - GOP.gov

This is known hoax.

 

[two_bit_score]

Amazing thing is that the OP will continue to believe the false info :confused2:

This is a new feature of our politics...accept anything you hear that seems to reflect your beliefs...and continue to believe it no matter how clear the facts are that it is not true.

Sad part is out politicians follow this rule also...if you repeat a falsehood enough times it will become "fact" to your followers who wish it so.......

When will we begin to challenge and reject false (or GREATLY exaggerated) claims...starting first with those whose are on our "side" of the political spectrum????

Seems like we are quick to point out what is "wrong" with competitors arguments...but will let those we generally agree with "skate" by with false facts!

I think we need a major movement to get all politicians to be "more" honest in their claims...I am not naive enough to think we can eliminate ALL BS

FWIW...TMR

That is not correct at all. Especially about the OP. A lot of people were taken in by that when it made the rounds. To say that the OP will continue to believe something that is shown to him to be false is the ultimate insult and completely unacceptable behavior.

 

[turbo36]

That is not correct at all. Especially about the OP. A lot of people were taken in by that when it made the rounds. To say that the OP will continue to believe something that is shown to him to be false is the ultimate insult and completely unacceptable behavior.

I'm amazed that you think someone that callously throws out false innuendo is owed an apology! Posting untrue inflammatory statements is akin to falsely yelling fire in a crowded movie studio.

 

[Alan L.]

It is of course a bogus email. However it is possible for a 3.8% tax to be assessed to the GAIN on the sale of a residence that exceeds $250K ($500K for married filing jointly).

I don't do snopes because its just another website and it is pretty easy to tell they lean politically one way. Their explanations are many times just as misleading as the original hoax. But they are on track on this one.

 

[Johnbro]

Here's an actual scenario:

You bought your house for $200,000. You sell it for $800,000. $600,000 profit. Whoa, nice! Now, it's only capital gains if you cash out and don't roll it into another house. So let's say you sold it so you can go to the Old Folks Home. You're married filing jointly. You'll have to pay $3800 on your $600,000 profit, (3.8% of $100,000), leaving you with a mere $596,200 in your checking account.

On the other hand, if you won that $600,000 in the lottery, it would be taxed as ordinary income at the maximum rate of around 35% (IRRC), costing you $210,000 in taxes.

Of course, this is a great reason to run in circles, scream and shout, and call for the repeal of the health care reform act.:confused2:

 

[chrisott]

Read three pages and did not learn a thing about tractors.

 

[/pine]

Read three pages and did not learn a thing about tractors.

Just curious...when you wondered into this thread in (TractorByNet.com > Other Forums > Rural Living ) with a Title of " For those Selling their home or land" ...exactly what type of tractor were you seeking information about?...

 

[gengine]

Here's an actual scenario:

You bought your house for $200,000. You sell it for $800,000. $600,000 profit. Whoa, nice! Now, it's only capital gains if you cash out and don't roll it into another house. So let's say you sold it so you can go to the Old Folks Home. You're married filing jointly. You'll have to pay $3800 on your $600,000 profit, (3.8% of $100,000), leaving you with a mere $596,200 in your checking account.

On the other hand, if you won that $600,000 in the lottery, it would be taxed as ordinary income at the maximum rate of around 35% (IRRC), costing you $210,000 in taxes.

Of course, this is a great reason to run in circles, scream and shout, and call for the repeal of the health care reform act.:confused2:

That's $22,800 on your $600,000 profit, ($3800 per every 100,000), above and beyond what you are currently taxed for capital gains.

 

[TMR]

Wow! Like I said...many will keep believing no matter what the facts may be. I agree...Death panels are another good example. It is called end of life planning and you should be sure to discuss with your kids if you are the elder generation...or with your parents if you are a younger generation. Make your wishes know while you are still of strong mind and in good health...that is end of life planning. That is not "Death Panels"...but sure has been a powerful "slogan" to get the masses up in arms...no pun intended...that is a different day...FWIW...out of here...TMR

 

[scesnick]

Wow ! Three pages and we still don't know what the truth is.

FWIW - I have no idea if this is a legit tax or not but I do know that it is a very good thing we passed Obama care...........Now we can all see what is in it !!! lol...