Home Sales Tax...
Is there a NEW 3.8% tax for all home sales? No.
A rumor about a 3.8% federal tax on all home sales has again hit the in-boxes of Texas consumers and real estate agents. So, is there such a tax for all home sales? No.
The facts are that individuals with incomes over $200,000 a year ($250,000 for married couples) will be subject to a 3.8% tax on profits of more than $250,000 ($500,000 for couples) from the sale of a primary residence. So, a husband and wife who make more than $250,000 a year and sell their home for a $510,000 profit would pay $380.
Information Provided by the Texas Association of Realtors