Sales Tax on Real Estate Sales, by Alan Olson, Broker
by Admin Admin
on Thursday, May 24th, 2012 at 1:31pm.
The 3.8% sales tax hidden in the national health care plan kicks in on January 1, 2013. This seller paid sales tax can affect those who have high adjusted gross income levels. It also takes into consideration the sale of real estate and investment income such as interest, dividends and annuities. In addition, the United States is still under the threat of capital gain tax rates rising from 15% to as high as 25%. If you are considering whether or not to sell your second home or investment, 2012 may be the year to sell considering the tax ramifications. For more information, I suggest you contact your CPA.
Meanwhile, the sales of lake homes in the multiple listing services are up 89% in 2012, compared to 2011 and inventories are coming into balance.
My advice for buyers and sellers entering the market…use a professional full time real estate agent that knows not only the past comparables but one who knows the present ones and the trends.