October 9, 2024

2014 Real Estate Tax

Obamacare real estate taxAre 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