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Hello, it's Steve from Wilhelmy Homes
I wanted to chat with everyone today
This is not intended to be political at all
I've had a lot of questions
So I just wanted to throw a blog out there so everyone knows what's going on
There's this thing called the Health Care Affordability Tax also referred to as Obama
Care Taxes
Again this is not a political thing
But the reality is that there is a tax out there that will be kicking into place
For folks that are selling their houses and it may or may not affect you
Here's my big disclaimer
I'm not a tax professional
Not a tax attorney, not an attorney
I'm just going to kind of float this out there because people do ask
What I say is if you think it may affect you
Talk to your accountant or a tax attorney
They will get very detailed on the law
But what I can tell you is that it is a very small population of people in general
That it is going to affect
It has to do with the amount of capital gains you have on the sale of your house
And the timing and it has to do with occupancy
And, I'm going a little bit from memory
But I believe it's if you have more than $250,000 of capital gains on an owner occupied property
The healthcare affordability tax may kick in
Generally, that doesn't affect the vast majority of people selling properties
If you have any questions about it
Call your tax professional
Even if it is something that is going to affect you
It's still just something that you have to factor into whether or not now is the right
time to sell for you.
If you don't have an accountant or CPA, give me a call
I've got folks that I work with all the time that understand this stuff inside and out
And are living this stuff 24/7
And they can tell you exactly what the statute says and they can interpret it for you
If you have any other questions about the tax or about other real estate related topics
Please feel free to reach out to me at 612-619-2638
Or shoot me an email at Steve@WilhelmyHomes.com