Sales Tax on Homes?

FactCheck.Org is a great site for getting the scoop on any rumor or half-truth. Earlier this year they took on the question of house sales and tax…

Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

Submitted by Buyers Real Estate Group Agent, Mary Rugani

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