Dallas-Fort Worth Real Estate Investor Club

A rumor about a 3.8% federal tax on all home sales has again hit the in-boxes of Texas consumers and real estate agents. So, is there such a tax for all home sales? No.

The facts are that individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to a 3.8% tax on profits of more than $250,000 ($500,000 for couples) from the sale of a primary residence. So, a husband and wife who make more than $250,000 a year and sell their home for $510,000 more than their purchase price would pay $380.

-Greg Wilson

The REI Mentor (http://www.reimentor.com)

You might check into the provisions of ObamaCare.  I remember a tax like this being implemented in ObamaCare sometime within 2014.  As you might recall, this law implements it's provisions on a long-term rolling schedule.