Ending Bush Tax Cuts Doesn't Mean Wealthy Will Pay More: Tax Expert - CNBC

Ending Bush Tax Cuts Doesn't Mean Wealthy Will Pay More: Tax Expert - CNBC

Tax on the Sale of your Home

There are more and more details coming out of the new healthcare bill. The newest one that I have investigated in the 3.8% tax that will be added to many taxpayers that sell their homes beginning in 2013. Yep, the good old folks in our government have figured out a way to tax you when you sell your home. There are certain upper limits to this and you would need to have an adjusted gross income of over $200,000 as an individual and $250,000 as a joint filer but if you have any capital gains and or investment income and or rental income and sale of investment property you could fall into this category. Many more will fall into this area when Congress cancels the $250,000 exclusion for an individual and $500,000 for a couple on the gain on the sale of your home. When will they do that you ask? My best guess is December 31, 2012.

WHAT WONDERFUL PEOPLE WE ELECT YEAR AFTER YEAR!