Is it true that there will a 3.8% tax on the sale of your property? Not exactly.
Here’s what the Texas Association of REALTORS has to say on the matter:
A rumor about a 3.8% federal tax on all home sales has again hit the in-boxes of Texas consumers and real estate agents. So, is there such a tax for all home sales? No.
The facts are that individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to a 3.8% tax on profits of more than $250,000 ($500,000 for couples) from the sale of a primary residence. So, a husband and wife who make more than $250,000 a year and sell their home for a $510,000 profit would pay $380.
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Cheers and thanks for reading. If I can be helpful let me know – Ken Brand 832-797-1779.
