Things You Should Know about the NEW 3.8% Real Estate Tax

By
Real Estate Agent with Marilyn Boudreaux, Century 21 Mike D. Bono & Co.'s

 

There is alot of confusion associated with how the new 3.8% tax will be applied.  Every circumstance will be different with the new 3.8% real estate tax .   I recently particiapted in a Web Presentation explaining examples of how the tax will be calculated.  I took photos of the slides from the presentation in order to share and only for informational purposes only--not as any financial advisor.

The 3.8% real estate tax is NOT a transfer tax and it will not be collected at settlement on a residence or investment when a Seller sells a property.

The tax is solely a real estate tax and it applies to any capital gain exceeding $250,000.  The tax is to be paid when 2013 tax returns are filed in 2014. 

 

 

 

 

The 3.8% tax is based on a formula.   See the examples below for the amount of tax that would be due in each circumstance.

EXAMPLE #1 CAPITAL GAIN:SALE OF A PRINCIPAL RESIDENCE

EXAMPLE #2 CAPITAL GAIN:SALE OF A NON REAL ESTATE ASSET

EXAMPLE #3 CAPTIAL GAINS INTEREST AND DIVIDENDS:SECURITIES

EXAMPLE #4 RENTAL INCOME:INCOME SOURCES INCLUDING REAL ESTATE INVESTMENT INCOME

 

EXAMPLE #5 RENTAL INCOME: RENTAL INCOMES AS SOLE SOURCE OF EARNINGS

 

The 2013 tax will be addressed by Congress in the lame duck session.

For more information on the 3.8% real estate tax view www.realtor.org/politcal-advocacy

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Century 21 Mike D. Bono & Co.'s

4410 Nelson Road, Lake Charles, LA, 70605 USA

337-478-1578 or 337-499-9592

CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated.  The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments are not warranted or implied representation of it's accuracy,  All information is copywritten and the property of the Author, Marilyn Boudreaux.  

 

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Topic:
Real Estate General Information
Location:
Louisiana Calcasieu Parish Lake Charles
Groups:
Advice for Sellers
Louisiana Real Estate
Tags:
2013 real estate tax
obamacare real estate tax
38 real estate tax

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Rainmaker
962,562
Kevin B. Tolbert PA Team
New Home Construction and Luxury Specialist!
Keller Williams Realty of Port Saint Lucie

I don't see many folks being affected by this with such high levels of PROFIT required before the tax applies.

September 17, 2012 05:47 PM
Rainmaker
1,669,227
Lou Ludwig
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO
Ludwig & Associates

Marilyn

I would  to see the tax addressed but it may not happen until next year.

Good luck and success.

Lou Ludwig

September 17, 2012 05:56 PM
Rainer
246,501
Frank Castaldini
Realtor - Homes for Sale in San Francisco
Coldwell Banker

Thanks for bringing this to your attention.  As we get closer I'm sure more will become familar with the details.

September 17, 2012 10:23 PM
Anonymous
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Marilyn Boudreaux

Lake Charles LA Century 21 Realtor
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