Most second homes would escape new 3.8 percent tax

High-income sellers most likely to feel pinch in 2013

By Inman News Feed
Add Comment Add Comment | Comments: 0 | Posted Aug. 1, 2012

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$285,000 ($60,000 + $225,000)

Excess of AGI over $250,000:

$35,000 ($285,000 – $250,000)

Capital gain:


Lesser amount:

$35,000 (AGI excess less than second-home capital gain)

Tax due:

$1,330 ($35,000 x 0.038)

Rob Keasal, real estate tax specialist in the Seattle accounting firm of Peterson Sullivan, said he anticipates the new tax will send more high-wealth individuals to consider tax-deferred exchanges when selling their investment properties.

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