Are you selling your hosue?

If you are and you make any profits, 4% of your profits will now go to Uncle Sam to pay for this debacle Dems call Reform. Yep! Good Ol' USA Politics at it's finest. Over 2000 pages of ammendments that nobody bothered to read. I wonder what other lovely taxes are in there? What ammendment do you find most outrageous?

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Asked by Anonymous at 9:02 AM on Mar. 22, 2010 in Politics & Current Events

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I understood it to be a 3.8% tax rate for those making over $250,000 on Investment Income (joint filers) that also included unearned income(which would also incl. the sale of a home). This is more of a problem for small business owners and mid size farmers. This could REALLY hurt them.. Given that 75% of new jobs are created from small businesses, it is even more obvious, imo~ Democrats in DC want to stifle economic growth/job development in the private sector... Apparently they really want Down with Capitalism.. Pathetic..

Answer by grlygrlz2 at 9:30 AM on Mar. 22, 2010
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I cant not sell my house. I owe more than it is worth.

Answer by tyme4me2day at 9:08 AM on Mar. 22, 2010
Credits: 3251 Level 17 Politics & Current Events Minor

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I wish I would have sold it three years ago. Just this last year alone the value dropped 23K now we are stuck here.

Answer by BlooBird at 9:12 AM on Mar. 22, 2010
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Ours is currently under contract and the closing is scheduled in about 2 weeks. No one has said anything to me about having to pay taxes on the proceeds (which aren't very big, by the way!!!!) Do you have a link or source for this info?

Answer by Anonymous at 9:16 AM on Mar. 22, 2010

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So paying 6% for commission (unless you work out a deal with your agent) isn't enough, now you get to add 4% on top of that. Nice big slice of 10% off of the profits to buy something else. This certainly won't help the real estate market. I wonder who's wonderful idea this was? It has Pelosi written all over it. Wasn't she in favor of a 'windfall tax'? Sort of like "thanks for planning for your future and saving money to take care of yourself so government doesn't need to do it for you. Oh, by the way, we are taking some of what you saved since we want to. Thanks again for saving for your our futures."

Answer by QuinnMae at 9:16 AM on Mar. 22, 2010
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Do you have a link?

Answer by Anonymous at 9:16 AM on Mar. 22, 2010

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If no one read it, how do you know this is an amendment?

Answer by Anonymous at 9:18 AM on Mar. 22, 2010

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Do you have a link?

Good lord people... every-time a new special surprise comes out people ask for a link! Get off your asses and read the BILL! There are LOTS and LOTS of great tidbits in there. How the heck do we think this is going to be paid for? They have to tax everything they can to make it affordable for the next 10 years...

Answer by HistoryMamaX3 at 9:26 AM on Mar. 22, 2010
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my house is worth 250,000 LESS than when we bought it so 4% really is nothing for us

Answer by princessbeth79 at 9:51 AM on Mar. 22, 2010
Credits: 35361 Level 28 Politics & Current Events Minor

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Grly is correct:

http://taxprof.typepad.com/taxprof_blog/2010/03/house-health-bill-.html

Answer by mancosmomma at 10:12 AM on Mar. 22, 2010
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