Will you sell your house after 2012

[Faster horses]

This most likely applies to ranches as well. I thought this had been discussed here and it was FALSE, but it is showing up again in news realeases and emails. So, is it TRUE or is it FALSE?


http://godfatherpolitics.com/

Oh, and on the same site you will find a New York Times
article that says America should embrace Sharia Law.
What is wrong with people that write these articles? :twisted:

 

[Steve]

I think the false definition was due to few knowing what was in the healthcare bill.. the rules not being made yet and a technicality.

as this rule/tax is being formulated it appears as a sales tax..

a tax on the middle class,

and a regressive tax...

example.. you buy a home for $100,000.. you put a few thousand into it.. and like most of US you don't keep all your receipts..

then you re-finance the new higher values home to say $120,000 and plow a bit more into the home..

now the housing market tanks.. you owe $120,000

you put well over $120,00 into the home..

and it ain't worth the $100,000 you paid for it..

so as far as capital gains.. you don't owe a dime.. but you also can't claim the loss.. (as much as $30,000 in loses in this example, or worse))

so you sell it at a loss.. for say $90,000

you pay your realtor, closing costs and have about $80,000 to pay back the bank.. on a $120,000 loan...

now you're $40,000 in real loses on your investment,.. a loss you can't deduct from earnings.

and you owe about $3500 to the government..

so few will actually sell in this case.. most if forced to sell, would be forced to walk away as well..

talk about a devastation to the American Dream... and the stress this person would see.. they would need healthcare after this..







as the current rule/tax is formulated it becomes clear it's intent.. if you owe a 3.8% tax on property at sale, on top of capital gain, it is clearly a tax increase on ALL,

but like any thing to do with the Obama heath-care.. we will not know until after we re-elect him to his second term...

voter beware....

 

[jingo2]

If it came in an email.....then it must be true!

 

[Faster horses]

If you would care to look, the source was right there. It was not
an email.

Here jingo2, I'll post it again for you, only very slowly this time:

http://godfatherpolitics.com/

BTW, there are some other things on that page you might
want to read. On second thought, you probably wouldn't
want to enlighten yourself...

 

[Anonymous]

Faster Horses check this website http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ it explains the tax you are talking about. Also do a website search on 3.8% tax on home sales. Looks like a single person would be exempted on the first 250,000 thousand dollars and a couple would be exempt on 500,000 dollars. Most e-mails that begin Obama is going to ----- can be checked out and you will find out that the truth has been twisted to the point that it can scare people. I know I am one of the ones that voted for Obama that most of you think are stupid. I think I have a pretty good understanding of the facts and I will proudly vote for him again.

 

[Steve]

The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.)

attributable to the disposition of property." That would include the sale of a home.

SHORT TITLE.—This Act may be cited as the ''Health Care
and Education Reconciliation Act of 2010''.

Sec. 1402. Unearned income Medicare contribution.


''CHAPTER 2A—UNEARNED INCOME MEDICARE
CONTRIBUTION
''Sec. 1411. Imposition of tax.
''SEC. 1411. IMPOSITION OF TAX.
''(a) IN GENERAL.—Except as provided in subsection (e)—
''(1) APPLICATION TO INDIVIDUALS.—In the case of an individual,
there is hereby imposed (in addition to any other tax
imposed by this subtitle) for each taxable year a tax equal
to 3.8 percent of the lesser of—

''(2) APPLICATION TO ESTATES AND TRUSTS.—In the case
of an estate or trust, there is hereby imposed (in addition
to any other tax imposed by this subtitle) for each taxable
year a tax of 3.8 percent of the lesser of—

(4) EFFECTIVE DATES.—The amendments made by this subsection
shall apply to taxable years beginning after December
31, 2012.

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h4872enr.txt.pdf

so according to the Federal government it is true...

 

[Steve]

Faster Horses check this website http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ it explains the tax you are talking about. Also do a website search on 3.8% tax on home sales. Looks like a single person would be exempted on the first 250,000 thousand dollars and a couple would be exempt on 500,000 dollars. Most e-mails that begin Obama is going to ----- can be checked out and you will find out that the truth has been twisted to the point that it can scare people. I know I am one of the ones that voted for Obama that most of you think are stupid. I think I have a pretty good understanding of the facts and I will proudly vote for him again.

I've read the law a couple of times.. and the fact check interpretation..

The LAW is clear..

''(1) in the case of a taxpayer making a joint return under
section 6013 or a surviving spouse (as defined in section 2(a)),
$250,000,

''(2) in the case of a married taxpayer (as defined in section
7703) filing a separate return, 1⁄2 of the dollar amount determined under paragraph (1), and
''(3) in any other case, $200,000.

there is no $500,00 exemption.. none.

if you file separately, $125,000 or jointly $250,000 or $200,000

it also refers to the AMT and other tax implications.. for those caught up in the AMT, if they make $200,000 and sell your house... they would be hit with the full 3.8% tax..

it is made more complicated as it refers to the existing tax code and the full text is not in the bill..

if you can find the text in the actual bill that exempts up to $500,000,.. I will apologize and not try to infer that Obama supporters are naive at best..

as for fact check.. they are wrong.. again...

 

[redrobin]

I think I have a pretty good understanding of the facts and I will proudly vote for him again.

I'd really be curious to hear your logic on this matter. If I might be so bold, I'd like to ask why would you vote for him again?

 

[Mike]

I think I have a pretty good understanding of the facts and I will proudly vote for him again.

I'd really be curious to hear your logic on this matter. If I might be so bold, I'd like to ask why would you vote for him again?

I'd like to know why anyone voted for him the first time. :lol: :lol:

 

[Faster horses]

Yes, hurley, I too would like to hear why you would be PROUD
to vote for him again...

please respond and thanks.

 

[Anonymous]

Faster Horses check this website http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ it explains the tax you are talking about. Also do a website search on 3.8% tax on home sales. Looks like a single person would be exempted on the first 250,000 thousand dollars and a couple would be exempt on 500,000 dollars. Most e-mails that begin Obama is going to ----- can be checked out and you will find out that the truth has been twisted to the point that it can scare people. I know I am one of the ones that voted for Obama that most of you think are stupid. I think I have a pretty good understanding of the facts and I will proudly vote for him again.

I've read the law a couple of times.. and the fact check interpretation..

The LAW is clear..

''(1) in the case of a
section 6013 or a surviving spouse (as defined in section 2(a)),
$250,000,

''(2) in the case of a married taxpayer (as defined in section
7703) filing a separate return, 1⁄2 of the dollar amount determined under paragraph (1), and
''(3) in any other case, $200,000.

there is no $500,00 exemption.. none.

if you file separately, $125,000 or jointly $250,000 or $200,000

it also refers to the AMT and other tax implications.. for those caught up in the AMT, if they make $200,000 and sell your house... they would be hit with the full 3.8% tax..

it is made more complicated as it refers to the existing tax code and the full text is not in the bill..

if you can find the text in the actual bill that exempts up to $500,000,.. I will apologize and not try to infer that Obama supporters are naive at best..

as for fact check.. they are wrong.. again...

Steve there is a $500000 exemption on the capital gains on the sale. That means if your are married and you sell a home for $600,000 that you had only $100,000 in then there is no tax. I do not think in the county that I live in here in Texas there would be very many home sales that qualify.

 

[Steve]

Faster Horses check this website http://factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ it explains the tax you are talking about. Also do a website search on 3.8% tax on home sales. Looks like a single person would be exempted on the first 250,000 thousand dollars and a couple would be exempt on 500,000 dollars. Most e-mails that begin Obama is going to ----- can be checked out and you will find out that the truth has been twisted to the point that it can scare people. I know I am one of the ones that voted for Obama that most of you think are stupid. I think I have a pretty good understanding of the facts and I will proudly vote for him again.

I've read the law a couple of times.. and the fact check interpretation..

The LAW is clear..

''(1) in the case of a
section 6013 or a surviving spouse (as defined in section 2(a)),
$250,000,

''(2) in the case of a married taxpayer (as defined in section
7703) filing a separate return, 1⁄2 of the dollar amount determined under paragraph (1), and
''(3) in any other case, $200,000.

there is no $500,00 exemption.. none.

if you file separately, $125,000 or jointly $250,000 or $200,000

it also refers to the AMT and other tax implications.. for those caught up in the AMT, if they make $200,000 and sell your house... they would be hit with the full 3.8% tax..

it is made more complicated as it refers to the existing tax code and the full text is not in the bill..

if you can find the text in the actual bill that exempts up to $500,000,.. I will apologize and not try to infer that Obama supporters are naive at best..

as for fact check.. they are wrong.. again...

Steve there is a $500000 exemption on the capital gains on the sale. That means if your are married and you sell a home for $600,000 that you had only $100,000 in then there is no tax. I do not think in the county that I live in here in Texas there would be very many home sales that qualify.

NO, NO, NO,.. it doesn't say that, it is not in the bill.. PERIOD!

fact check is using the "capital gains" deduction as a basis for their example.. it is a wrong assumption..


I read the actual bill..

you are wrong!

your' number is not in the Bill

What part of 1/2 of $250,000 do you not get?

if the max deduction for a couple filing jointly is $250,000 on ALL income.. there is no way to get to your number..

and there are additional exclusions that reduce the number to $200,000

you would have clearly seen it if you had followed the link to the actual bill..

if you can show me where in the bill it says your $500,000 number I will apologize.. you are being mislead ,..

you are wrong. fact-check is wrong.

is that clear enough?