2014 Real Estate Tax

Are you ready for the new Obamacare real estate tax?.

Under the Affordable Care Act, individual tax filers earning more than $200,000 and families earning more than $250,000 pay an extra 3.8% Medicare tax on unearned income, such as investment dividends, rental income and capital gains.

So, if you sold your house in 2012, you paid a maximum 15% federal capital gain tax on profits above $250,000 per individual or $500,000 per couple. Now in 2014, depending on your income level, you may pay as  much as 23.8% on gains above that level.

If there was ever a time to consult with your legal and tax advisers, the time is now!

2014 Real Estate Tax