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Potential new tax on the sale of your home
August 26, 2010, by Sweeney & Sweeney, LLCWill the new federal health care law impose a 3.8 percent tax on the profits from selling your home? The truth is that, starting in 2013, only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will potentially be subject to the tax. For those with such incomes, the tax will not apply to the first $250,000 of profits from the sale of a personal residence and/or to the first $500,000 in the case of a married couple selling their home.
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