A Sales Tax When You Sell Your Home?

Several of our clients have been misinformed that there is going to be a tax on real estate transactions beginning in 2013. That is not true.

Beginning January 1, 2013 a new 3.8% tax on some investment income will take effect, but it WILL NOT be imposed on all real estate transactions.

What will be taxed is a 3.8% tax on SOME income from interest, dividends, rents less expenses, and capital gain.  The tax will effect individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with income more than $250,000 AGI.

For a more detailed explanation on how this new law might impact you, please contact your tax advisor.

This information is subject to change and is time sensitive.  This is not intended to be tax advice.

However, if you would like information on the real estate market in Anacortes, La Conner, Samish Island, Guemes Island, Bow, or anywhere in Skagit County, please give me a call.  I would be happy to provide you a complimentary market analysis of your real estate or show you homes for sale.