The Tax Man Cometh, and Won’t Leaveth
Posted by Monte Davis on
Homework time, friends. On January 1, 2013 a new 3.8 percent tax will take effect on some investment income including real estate transactions. It's going to be important for you to clearly understand this tax, which is -- shock of shocks - complicated, which is why advise you to have a pow-wow with you own tax advisor.
I don't know about you, but I'm the kind of person who does better with real life examples. The National Association of REALTORS has put together a terrific brochure that outlines some scenarios in which the new tax will come into play. The link to the material is at the bottom of this post, but there are a few general things you'll want to keep in mind as you read.
First, where did this thing come from? It was passed by Congress in…
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