A half-truth that has been flying around the Internet for a while now and probably will continue is all real estate transactions will be taxed at 3.8% in 2013.
If you knew a 3.8% real estate tax was on the way and you were thinking about selling your Spring Texas house, you might put your house on the market in 2012 to avoid the tax. But wait … don’t rush to list your house just to avoid a real estate tax until you learn the facts.
Here’s the FACTS:
Real world example:
For more examples of the 3.8% Medicare tax download a brochure from the National Association of Realtors. If you have further questions about the tax implications of selling your Spring Texas home, please consult your tax accountant.