3.8% Sales Tax on Real Estate

3.8% Sales Tax on Real Estate (Full Version)

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Steponme73 -> 3.8% Sales Tax on Real Estate (9/16/2011 5:54:49 AM)
Obamacare does it again! As of January 1, 2013 there will be a 3.8% sales tax on the sale of all real estate. Does not sound like we are taxing only the rich to me! I guess Obama considers anyone owning a home to be rich!!! November 2012 can not get here fast enough for me.

thompsonx -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 6:03:03 AM)
quote: ORIGINAL: Steponme73 Obamacare does it again! As of January 1, 2013 there will be a 3.8% sales tax on the sale of all real estate. Does not sound like we are taxing only the rich to me! I guess Obama considers anyone owning a home to be rich!!! November 2012 can not get here fast enough for me. How much do you think the sales tax should be?

Owner59 -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 6:03:28 AM)
More BS from the frightened and easly mislead. http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

thompsonx -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 6:20:09 AM)
quote: I guess Obama considers anyone owning a home to be rich!!! How many people living at or below the poverty level own a home?

thompsonx -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 6:25:49 AM)
quote: ORIGINAL: Steponme73 Obamacare does it again! As of January 1, 2013 there will be a 3.8% sales tax on the sale of all real estate. Does not sound like we are taxing only the rich to me! I guess Obama considers anyone owning a home to be rich!!! November 2012 can not get here fast enough for me. Don't you think it is incumbant on you to actually know what you are talking about before you post? A few simple key strokes could have verified or debunke your opinion before you opened your mouth and told us all how ignorant you are. Have you ever considered putting your brain in gear before engaging your mouth? If you cannot come to class prepared the least you could do is be quiet while the rest of us try to learn.

Owner59 -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 6:27:59 AM)
Those poor poor up-troden vacation home owners.........when will their living hell stop![8D]

MileHighM -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 9:47:43 AM)
I just don't know much about this... Does it only apply to new homes like other goods? Is there an exemption for the value of the home, or whether or not it is a first home, primary residence etc?

SternSkipper -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:20:46 AM)
quote: Those poor poor up-troden vacation home owners.........when will their living hell stop! I agree. Here in Gloucester, the poor banksters often fall through the cracks, nobody understands them. They are faced with huge costs every day. For instance, my beloved neighbors out at east point (a mile from here) have to shell out $700 a week to have a security guard stand in your way as you drive in and tell you it's a private road, when in fact it's not and they are just trying to discourage 'the unwashed' from some of the best striped bass fishing sites on the planet. And a couple of years ago, they had to buy up a bunch of build-able lots to prevent that peasant George Clooney from horning in on the turf they'd fought to keep in their families since they copped it for a song during the great depression. Nobody understands the wealthy, I tell ya.

lovmuffin -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:21:00 AM)
I haven't heard about this. Some one please tell me it isn't true.

lovmuffin -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:22:48 AM)
quote: ORIGINAL: thompsonx quote: ORIGINAL: Steponme73 Obamacare does it again! As of January 1, 2013 there will be a 3.8% sales tax on the sale of all real estate. Does not sound like we are taxing only the rich to me! I guess Obama considers anyone owning a home to be rich!!! November 2012 can not get here fast enough for me. How much do you think the sales tax should be? Zero

Hillwilliam -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:24:13 AM)
quote: ORIGINAL: lovmuffin I haven't heard about this. Some one please tell me it isn't true. As long as you make less than $250,000 in profit as a single or you and your spouse make less than a half Mil profit, you won't have to pay anything as per the link in O59's post#2 above.

tj444 -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:30:52 AM)
yabbut.. cant people do a 1031 exchange and postpone taxes (almost forever)? (eta- yes, i know that takes a tad of preplanning and buying another like property which i think most people do)

LaTigresse -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:32:37 AM)
quote: ORIGINAL: Owner59 More BS from the frightened and easly mislead. http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ I don't think I will be buying into that price range any time soon...

Hillwilliam -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:34:00 AM)
Yes they can. It's a pain in the ass but worth it unless you actually need the transaction to raise cash. A 1031 is similar to the old rule where you could sell your house and replace it with something of the same or higher price within 2 years only there are a lot more hoops to go thru and you have to do the replacement MUCH faster. You also have to hire a trustee to hold the proceeds and disburse them toward your new property. The advantage of a 1031 ia that you can use it for about any kind of property. Res, commercial, vacant land, multi family as long as you replace it with a similar type property.

joether -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:37:18 AM)
quote: ORIGINAL: thompsonx quote: I guess Obama considers anyone owning a home to be rich!!! How many people living at or below the poverty level own a home? The better question should be (using information directly from Owner59's posted link): How many Americans, living at or below the poverty level, making or than $200,000 (or $250,000 if filing taxes jointly) owning houses worth over $250,000 (since that number isn't taxed at 3.8%), sell their property for a profit in each year? That should tell you the aburdity of the OP, and show the poster should REALLY check the facts before blaming 'Obamacare' on a total fantasy.

Lucylastic -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:39:49 AM)
why does the ignorance of the facts of this NOT surprise me.

willbeurdaddy -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 11:48:15 AM)
quote: ORIGINAL: joether quote: ORIGINAL: thompsonx quote: I guess Obama considers anyone owning a home to be rich!!! How many people living at or below the poverty level own a home? The better question should be (using information directly from Owner59's posted link): How many Americans, living at or below the poverty level, making or than $200,000 (or $250,000 if filing taxes jointly) owning houses worth over $250,000 (since that number isn't taxed at 3.8%), sell their property for a profit in each year? That should tell you the aburdity of the OP, and show the poster should REALLY check the facts before blaming 'Obamacare' on a total fantasy. Im not sure what poverty level has to do with the issue (which was thorougly discussed in a thread after Ocare was passed) but 43% of those below the poverty level own their own homes according to the last census.

tazzygirl -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 12:41:06 PM)
Was this the same poor who couldnt afford those homes, who lost their homes due to balloon payments and the like? Heritage Foundation isnt known for their unbiased opinions. Nor do any of their reports link back to the Census results they gathered their information from. Mind finding it and letting me know if its 40%, s one source cited, 43%, as you claim, or 42% as the Heritage Foundation claims. Oh, yeah, and someone may wanna clue Heritage in on the fact that most states wont allow an apartment or a home to be sold without a refrigerator. And the TV's, DVDs and such? Never heard of gifts? A dvd player can be bought for 20 bucks. Just passed a second hand store selling a TV for the same price. One-third have a wide-screen plasma or LCD TV. Yup, saw some last year... thanksgiving... on sale if you didnt mind standing in line all night... 100 bucks.

Hillwilliam -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 1:11:56 PM)
quote: ORIGINAL: tazzygirl Was this the same poor who couldnt afford those homes, who lost their homes due to balloon payments and the like? Heritage Foundation isnt known for their unbiased opinions. Nor do any of their reports link back to the Census results they gathered their information from. Mind finding it and letting me know if its 40%, s one source cited, 43%, as you claim, or 42% as the Heritage Foundation claims. Oh, yeah, and someone may wanna clue Heritage in on the fact that most states wont allow an apartment or a home to be sold without a refrigerator. And the TV's, DVDs and such? Never heard of gifts? A dvd player can be bought for 20 bucks. Just passed a second hand store selling a TV for the same price. One-third have a wide-screen plasma or LCD TV. Yup, saw some last year... thanksgiving... on sale if you didnt mind standing in line all night... 100 bucks. I'd hazard a guess that a significant number of those who are living below the poverty line and own a home are retired and trying to live on Social Security. Their house is paid for but there are still property taxes and maintenence. There are also places where it's still cheaper to own a little house than it is to rent an apartment.

jlf1961 -> RE: 3.8% Sales Tax on Real Estate (9/16/2011 1:27:07 PM)
The average monthly Social Security benefit for a retired worker was about $1,177 at the beginning of 2011. The poverty line for a family of two is $14,710. So a retired couple have an income of $28,248 if they are living on social security. If it is one person, they make $14,124 a year, and the poverty line for a single adult is $10,830 so, the single retiree is making more than they need to be above the poverty line. Of course, that income will work out fine if they live in a small town where living expenses run less than $14000 a year. If they live in any metro area in the US, they are not making enough to meet expenses.

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