TRUDI GENIALE
REALTOR/BROKER
CA.DRE#01457852
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INFORMATION ON THE NEW 3.8% TAX AND REAL ESTATE WHICH IS GOING INTO EFFECT IN JANUARY 2013 AND IS PART OF THE NEW HEALTHCARE REFORM!
THIS IS A TAX ON SOME INVESTMENT INCOME FROM INTEREST, DIVIDENDS, RENTS AND CAPITAL GAINS.
IT IS NOT A TAX ON ALL PEOPLE. IF YOU ARE SINGLE AND HAVE AN ADGUSTED GROSS INCOME OF $200,00 OR MORE AND A COUPLE WITH AN ADJUSTED GROSS INCOME OVER $250,000 YOU WILL PAY THE TAX!
THIS IS NOT A TRANSFER TAX BUT AN INCOME TAX ON INVESTMENT INCOME!
IT WILL NOT EFFECT THE CAPITAL GAINS ON A PRINCIPAL HOME EXCLUSIONS ON THE FIRST $250,000 FOR A SINGLE PERSON AND THE $500,000 FOR A COUPLE FROM CAPITAL GAIN BUT, IT WILL APPLY ON THE AMOUNTS OVER THE EXEMPTION!
THE TAX WILL BE APPLIED THE SALE TO THE SALE OF SECOND HOMES AND INVESTMENT PROPERTIES AND THE INCOME DERIVED FROM THE INCOME PROPERTY. THIS IS DEFINITELY GOING TO AFFECT INVESTORS!
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