Posts Tagged ‘real estate sales tax’

Two-Faced Freddie Mac, The Fiscal Cliff and the Obamacare Real Estate Tax, 2012’s Top Headlines Continued

Friday, December 28th, 2012

Happy New Year

Continuing our recap of our most popular blogs from 2012…

#5 — Robosigning Settlement Proves Sky Was Falling! Chicken Little Was Right!

Yesterday’s robosigning settlement that all but one state ultimately signed off on, was far from perfect.

Let’s make that perfectly clear.

Depending on what you have read, you might be outraged, you might be relieved, you might be overjoyed. And the target of your wrath or sympathy might depend on your own personal perspective.

But make no mistake about it, yesterday was a day of reckoning, for me, and much more importantly, for the people I represent.

Read the full post here.

#4 — What I Tell Clients Who Receive A Foreclosure Notice

As a real estate attorney, I’ve had plenty of prospective clients come to my office after being served with a foreclosure notice. It is safe to say they are usually not in a good mood; they are usually scared.

And the truth is I would be too.Foreclosure can be a scary process for even the most legally astute homeowner.

When a homeowner walks into my office for that first time, there is one question that comes up almost every time. It’s a basic yet very essential question to anyone under the threat of foreclosure…

What do I do next?

Read the full post here.

#3 — Freddie Mac — Playing Two-Face to the American Homeowner?

Aaron Eckhart might have played Two-Face in the last Batman movie, but Freddie Mac seems to have settled into the role these days.

Non-profit ProPublica and National Public Radio allege that Freddie Mac, which was set up to make home loans more accessible, was in fact betting against homeowners.
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The Truth About Obamacare’s Real Estate Sales Tax (It Doesn’t Exist)

Tuesday, July 3rd, 2012

Income TaxIt didn’t take long for old rumors to resurface about President Obama’s Affordable Care Act.

When “Obamacare” was first passed the blogosphere was up-in-arms that the AHA included an additional 3.8% tax on any real estate sale, and claimed, “that’s $3,800 on a $100,000 home.”

There were email chains passed along that said that anyone who sold a home would be subject to this tax.

Which is absolutely true, except for the fact that it is complete fiction.

The rumors have long since been debunked, yet after the Supreme Court upheld the Affordable Health Care Act earlier this week, I’ve heard some conservatives once again pushing this narrative.

But just like Bloody Mary or death panels, it’s just another urban legend that just won’t go away.

So kids once more with feeling, “There is no real estate sales tax in Obamacare.”

Now there is an additional capital gains tax included in the Affordable Care Act, and yes it will affect a narrow field of real estate transactions.

But here is what you need to know; the majority of taxpayers will not have to pay it.

So here is the truth, plain and simple.

There is a new tax on investment income which will cover the income from interest, dividends, rents, as well as capital gains. It’s not a transfer tax on real estate sales.

While the sale of a home can be subject to this tax, it is only if a number of criteria are met.

If you are a married couple making less than $250,000 or an individual making less than $200,000, then you cannot be taxed.
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