Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 07/06/2012 list has been posted.
These are Single Family Homes ‘Active’ on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
I hope you have an awesome day, packed with smiles while searching for your active Mobile AL Real Estate Dream.
The Patient Protection And Affordable Care Act (“Obamacare”) will affect everyone in the United States one way or another. But some people will be affected more than others. Among these are high income taxpayers. Starting in 2013, they will be subject to a brand new Medicare tax on their “unearned income.”
Starting in 2013, 3.8 percent a Medicare contributions tax will be imposed on the lesser of (1) the taxpayer’s net investment income, or (2) any excess of modified adjusted gross income (MAGI) over $200,000 ($250,000 for married taxpayers filing jointly). Thus, all single taxpayers with MAGI over $200,000 and married taxpayers with MAGI over $250,000 will be subject to this tax. This is a small proportion of the population, but a significant one for the real estate industry.
The tax applies only to investment income. This includes:
•gross income from interest, dividends, annuities, royalties, and rents other than those derived from an active business
•the net gain earned from the sale or other disposition of investment and other non-business property, and
•any other gain from a passive trade or business.
This includes just about any income not derived from an active business or from employee compensation.
Can the tax apply to the profit earned on home sales?
Yes. But, in the case of the sale of a principal residence that qualifies for the special tax exclusion on such income, it would apply only if the net gain from the sale exceeds the $500,000 exclusion for joint filers or $250,000 for singles, and then only to the extent that taxpayer’s income exceeds the $200,000/$250,000 MAGI threshold.
This new tax gives homeowners who have very substantial equity in their homes a strong incentive to sell them in 2012 before the new tax takes effect.