Recently researching claims that the new Healthcare Law enacted a sales tax on all home sales. Doing abit more digging I found a website that clarified the issue for me.
First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. The tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)
http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/
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