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Rumors of the Obama Care is increasing the Transfer tax to 3.8% on the sale of a home in Pennsylvania in 2013. I have heard this rumor and had to look into it myself. It is true there is a 3.8% tax in 2013 on capital contributions of a home but it is not for everyone and in fact most homeowners won't be affected when selling their home.
The tax will be on capital gains above $200,000 in AGI (adjusted gross income) for singles and $250,000 in AGI for mariied couples. Please understand the $200,000 is not the proceed amount but the AGI amount. Please feel free to read thru the brochure put out by the NAR on the 3.8% transfer tax, specific scenarios are included here.
nformation needed when selling an estate home in Pennsylvania
(you can also find this on your tax bill)
Philadelphia is going thru a reassessment for real estate taxes and should be complete by Fall of 2012. Be sure to fill out and mail in your exemption to help lower you assessment amount.
Before listing your home check out Ken and Melanie and how they do business.