Debunking the 3.8% Real Estate Tax Myth

Once again again again, NAR has information debunking the “3.8% real estate tax” myth.This time it’s a video.

imageAs we keep telling you, there is no new real estate tax. Period. The Medicare tax that this is referring to…

A) is for people who earned more than $200,000 (individuals) or $250,000 (married couples), and

B) excludes the first $250,000 ($500K for couples) in the sale of a principle residence.

So yeah, it’s technically possible it would apply to a real estate transaction — if a rich couple sells a home for more than a half-million-dollar profit. (Note: that’s profit, not price.) But realistically? No.

And the note circulating about it being a tax on every real estate transaction? Blatantly false. (The part about NAR being “all over it” is true — it’s all over debunking it.)

http://varbuzz.com/2012-10/and-again-nar-debunks-the-3-8-tax-myth

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Realtor with Greg Garrett Realty, actively licensed in the state of Virginia

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