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Discussion in 'Too Hot for Swamp Gas' started by diehardgator1, Sep 28, 2013.
But they also earn no equity.
True, and whatever equity or gain is also gutted by the GOV on the back end!
Those are pretty average examples I used actually. Hardly an exception.
Not only the existing taxes, but Obamacare adds an ADDITIONAL $3,800 tax on any sale of a home. Just think for those who are selling their properties in the mid 5 figures. You are talking about 6.3-9.5% of the sale price (based on a sale between $40K-$60K), just on ONE tax. This tax will definitely hurt the lower to lower-middle class person/family.
Wrong! First, there's no flat tax of $3,800, it's 3.8%. Second, it's a tax on unearned income above $250k for married couples and 200k for singles. So if you're pocketing 50k on that house but you only make 100k as it is, you're not going to see any ACA tax on that at all.
On top of that, if you live in a house for 2 or more years, you get to exclude the first 250k of your profit if single and 500k if married, and only then would the 3.8% hit and only if you're making a lot of money already.
So yeah, more disinformation out there about this law. Please stop spreading it.
went to the NY Health Exchange and it was quite easy to use the estimator
It's the worst piece of legislation since Congress gave the Fed power to create money out of thin air.
Yes, the nation really would be better if we were on the gold standard. :roll:
thanks for clearing that up, but why is selling ones home being taxed by ACA.
Wtf, that is messed up.