Thoughts from Jenny

The NEW 3.8% TAX, how will it affect you?

February 22nd, 2012 2:51 PM by Jennifer McGuire

There have been numerous e-mails sent to me lately regarding the new 3.8% tax on real estate.  People are speculating on how it will affect them.  Here are the facts:

Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact you. It’s a complicated tax, so if you're in doubt about how it will affect you, contact your accountant.

Understand that this tax WILL NOT be imposed on all real estate transactions, wich is a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

If you have other questions about it, let me know.  I have a brochure I would be more than willing to forward to you.  Drop me an e-mail requesting it:  homes.jennymcguire@gmail.com

Posted in:General
Posted by Jennifer McGuire on February 22nd, 2012 2:51 PM

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