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Obamacare Tax repurcussions from sale of raw land
Posted on 11/25/13 at 10:57 am
Posted on 11/25/13 at 10:57 am
I own a residential lot someone is offering to purchase that could net me a couple hundred thousand. My AGI is over the $250K threshhold of the new Obamacare (Medicare) tax. So does this generally mean I will owe 3.8% on any net proceeds from the sale of the property?
2
Posted on 11/25/13 at 11:20 am to ynlvr
I think that kicks in next year. If you sell in 2013, should be without the tax.
Posted on 11/25/13 at 12:16 pm to ynlvr
My understanding is that the 3.8% does apply this year. But you will also own capital gains taxes.
I believe at that income level, you would pay 29.8% in capital gains taxes. (20% cap gains, 6% La tax, 3.8% Obamacare)
Talk to a cpa or look into a 1031 exchange to minimize/defer any potential gain if possible.
Good luck
I believe at that income level, you would pay 29.8% in capital gains taxes. (20% cap gains, 6% La tax, 3.8% Obamacare)
Talk to a cpa or look into a 1031 exchange to minimize/defer any potential gain if possible.
Good luck
This post was edited on 11/25/13 at 12:21 pm
Posted on 11/25/13 at 12:27 pm to NEWBIE
Thanks. All this is what I was afraid of. I already have a call into my CPA. If this is all correct, it will definitely change the price I am willing to accept.
Posted on 11/26/13 at 12:28 am to ynlvr
Isn't the 3.8% tax only on that portion above $250k?
Posted on 11/26/13 at 9:37 am to matthew25
quote:
Isn't the 3.8% tax only on that portion above $250k?
Yes, for MFJ.
You pay the 3.8% on the lesser of the modified AGI exceeding the 250 or the net investment income.
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