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Questions Concerning Sale of House and New Healthcare Law

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Questions Concerning Sale of House and New Healthcare Law

Post by espíritu del lago on Sun Nov 18, 2012 7:32 am


If you sell your house and make a profit, you’ll likely be paying a new 3.8 percent tax on the gain. The law includes about half a trillion dollars in tax hikes, including a new 3.8 percent tax on gains from selling any asset, including your home, small business, stocks or bonds, effective Jan. 1, 2013. That’s on top of capital-gains taxes and applies to any profit that pushes your income over $200,000.

That’s on top of capital-gains taxes and applies to any profit that pushes your income over $200,000.
http://www.nypost.com/p/news/opinion/opedcolumnists/beware_obamacare_now_reality_YT42eCrsbtZC3KbDONGm4O



I guess that's given even if sale originates in Mexico? And rules are still being written.
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Re: Questions Concerning Sale of House and New Healthcare Law

Post by Luisa on Sun Dec 09, 2012 8:11 am

The US collects income tax on any income its citizens earn. It doesn't matter where the income is made. This has been the deal for a long time, certainly since Reagan's administration. Many countries have some kind of reciprocity, but not the US. For example, when I worked in Australia I was liable for tax in Australia, where I was working, and in the US, because I'm a US citizen. The company "equalized" me, paying the excess tax.

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Re: Questions Concerning Sale of House and New Healthcare Law

Post by juanrey on Sun Dec 09, 2012 3:22 pm

espíritu del lago wrote:
If you sell your house and make a profit, you’ll likely be paying a new 3.8 percent tax on the gain. The law includes about half a trillion dollars in tax hikes, including a new 3.8 percent tax on gains from selling any asset, including your home, small business, stocks or bonds, effective Jan. 1, 2013. That’s on top of capital-gains taxes and applies to any profit that pushes your income over $200,000.
That’s on top of capital-gains taxes and applies to any profit that pushes your income over $200,000.
http://www.nypost.com/p/news/opinion/opedcolumnists/beware_obamacare_now_reality_YT42eCrsbtZC3KbDONGm4O
I guess that's given even if sale originates in Mexico? And rules are still being written.

Please see Snopes for more details on the 3.8% tax, for a better definition of how it applies. There are a lot of exclusions
Snopes link on the 3.8% tax
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