Blgs Griz Fan
Well-known member
Good luck and thanks for the effort.
You better watch your back pal...........MrTitleist said:Some keyboard tough guys out there.. sounds about right.
Geddes said:Weezy then follows by showing what a muthafu*kin' thug looks like..
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AZDoc said:Geddes said:Weezy then follows by showing what a muthafu*kin' thug looks like..
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Nearly wet myself at work when I saw that!
:lol: :lol: :lol:
It's amazing to me the crap some people will believe about Obamacare. It's fine if you don't like it but at least stick to and argue about the facts rather than believing everything Fox News and the far right spew about it. :rule:BWahlberg said:Grizmayor said:Well, since I'm trying to sell my home and you seem to be in the biz Brint, while you're there, see if you can work on the legislature to take out the 3.8% tax on home sales that is hidden in, and goes to, Obamacare. "Ya gotta pass it before you know what's in it!"ff:
Sure can, in fact that 3.8% isn't true. It's applied only to a select amount of investment properties or houses where capital gains taxes apply.
Didn't even need to talk to Helena about fixing that for ya Mayor!
http://www.houselogic.com/home-advice/taxes-incentives/sales-tax-home-sales/" onclick="window.open(this.href);return false;
So when does the 3.8% tax kick in?
It only applies to home sale profits:
If the profit exceeds the $500,000/$250,000 exclusion.
When the portion of the profit above $500,000/$250,000 causes the seller’s AGI to exceed the threshold amounts.
Let’s say a couple has an AGI of $325,000 and sells their home at a $525,000 profit (not sale proceeds, but profit). $500,000 of that gain is excluded; the $25,000 isn’t, and raises their AGI to $350,000.
The couple’s revised AGI exceeds the $250,000 threshold for joint filers by $100,000. That’s more than the amount of their taxable gain ($25,000). So the 3.8% is applied to the smaller of these two amounts. They owe a surtax of $950 ($25,000 x 3.8%).
Of course, other tax issues could come into play in your own situation, so consult a tax attorney.
And if you’re subject to this tax, gather documents that will help you lower your capital gains hit over the years — for instance, documents noting settlement or closing costs, such as title insurance and legal fees; and improvements, such as adding a room or paving a driveway. Routine repairs or maintenance, such as painting or papering a room or replacing a broken window pane, don’t count because they don’t add to the home’s value.
The surtax, included in the law to offset the costs of healthcare reform, is expected to generate $325 billion over eight years.
This article provides general information about tax laws and consequences, but shouldn’t be relied on as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
Read more: http://www.houselogic.com/home-advice/taxes-incentives/sales-tax-home-sales/#ixzz2O6B2wFJo" onclick="window.open(this.href);return false;