Quote:
Originally Posted by zimmy
for real estate it is 3.8% tax on real estate profits over $500,000 on the portion above $500,000. So if you sell your house and make a PROFIT of 525,000. You would pay a tax of 3.8% on $25000. So basically, you make $525000 in profits and pay $1000 in taxes on that.
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Don't worry with the real estate market the way it is and the way it's headed the house bought for $500,000 will sell for $375,000 if your lucky.
Should be able to write it off as a loss. Ya right.