3.8 Tax Takes Effect Jan 1, 2013

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers.

The 3.8% tax is imposed ONLY on those with more than $200,000 of adjusted gross income (AGI) – $250,000 on a joint return.  The tax applies to investment income, defined as interest, dividends, capital gains and net rents.

So, be careful.  If you sell a home you may fall into this category…even if it is only for a brief moment, you will be taxed.

For more information and a brochure  go to:

http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_invest_inc_tax_broch.pdf/$FILE/government_affairs_invest_inc_tax_broch.pdf

About bchrealestate

Specializing in beach and marina properties at the Channel Islands Harbor on California's Gold Coast located halfway between Malibu and Santa Barbara.
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