FAQ: 2013 Medicare Tax on Real Estate

As part of the healthcare reform legislation that passed earlier this year, there was a provision that imposes a 3.8% Medicare tax on the sale of property in certain circumstances.
In broad terms, the tax only applies to “high earners” who make more than $200,000 for single taxpayers and $250,000 for married filers.
It is also only taxed on the amount that exceeds the $250,000 per person ($500,000 for married couples) capital gains exclusion that has been around for a while.
The new tax is scheduled to go into effect on January 1, 2013.
There are other nuances and factors so please take a look at NAR’s FAQ that will hopefully help clarify the issue and answer many of your questions. The FAQ may be found at http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_med_tax?OpenDocument

For all your Lake Conroe Real Estate needs see us!

Wayne Stroman CIPS, TRC, President, Stroman Realty, Inc.

Houston Association of REALTORS®, Vice Chair

Your Lake Conroe Area Specialist!

Mail to: POB 2991, Conroe, Texas 77305

Sales Office: 14500 HWY 105 W, Conroe, Texas 77304

Office: 936-588-4444

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