Does health-care reform tax home sales?
I get a steady stream of e-mails asking that question. Apparently, there's a chain letter going around that says, among other things, "IF YOU SELL YOUR $400,000 HOME, THIS WILL BE A $15,200 TAX." Yes, the caps are in the original.
Anyway, no one is taxing the sale of your $400,000 home. FactCheck.org explains it all. The short version is that this is a tax on certain residence sales meeting certain conditions and involving people with very high incomes:
Only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
| February 1, 2011; 3:40 PM ET
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