Question: "OH NO! If I sell my home do I have to pay a 3.8% tax on the proceeds! "Answer: " I don't know!"
Sounds like a true politician right? Well, it is true. It is hard for anyone to tell you that answer because it is a very detailed response. How much do you make? Are you married filing jointly? How much money (capital gains) will you see on your sale?
I have noted a great piece of information that will help you determine the answer! Click here and go to the National Association of Realtors press release.
It all depends on your income - If you make less than $200,000 per year and file a single return then the answer may be NO ($250,000/year married filing jointly).
