HEALTH CARE REFORM & TAX ON LAKE TAHOE REAL ESTATE
Lately, I’ve been hearing from clients about the misinformation that has been circulating on the Internet and in e-mails that the healthcare reform bill passed last year includes a sales tax on real estate. This is false
information, and I’d like to clarify the issue.
The new law imposes a 3.8 percent tax for households in the top tax brackets on “unearned income.” This includes capital gains. However, this will not impact the exclusion on capital gains earned from the sale of a primary residence up to $250,000 for individuals and up to $500,000 for married couples. The 3.8 percent tax only applies to capital gains above the normal exclusion. A typical home sale will not incur any tax, and for the vast majority, the 3.8 percent tax won’t apply.
Wally Johnson
Ca. lic. 01848595
cell: 530.277.5687
Pinnacle Real Estate Group
lic. 01774776
FREQUENTLY ASKED REAL ESTATE QUESTIONS IN LAKE TAHOE
- What are BMPs?
Answer: BEST Management Practices, TRPA Mandated rules having to do mostly with water quality, see tahoebmp.org
- Is Tahoe on sewer or septic?
Answer: all of Tahoe is on sewer.
- How often does non-painted siding need to be stained?
Answer: yearly for the first five years, every 3-5yrs. thereafter depending on sun exposure
- When is property reassessed for tax purposes?
Answer: see co.el-dorado.ca.us/assessor/index
- Why is now a good time to buy real estate in Lake Tahoe?
Answer: see Top Reasons to Buy
- What are the best websites to find out about activities in Lake Tahoe?
Answer: there are many including: tahoe360.com, tahoechamber.org, snowbomb.com, and gotahoenorth.com
- What direction is the market headed in?
Answer: median sale price has leveled off since the beginning of the year and has even gone up in the last couple months. Yesterday, we had 104 single-family residences in escrow. This is the most we’ve had since July 2005, a month before the peak of the market. As for the future direction of the market, no one can say for sure. We can only speak of what has happened and let you draw conclusions. - Can I make an addition to this house?
Answer: in order to determine this, you will need the TRPA to perform a coverage verification. This typically takes 1-2 months. We can look at Bailey maps to get an idea of what may be possible. However, nothing is for sure until a coverage verification has been completed. - Where can I find a list of foreclosures?
Answer: If you search for property at realtordeb.com, there is an option you can check so that only foreclosures will be listed in your search results.
Focused on happy families, not just real estate. I’ll help you find your jewel in the pines.
Wally Johnson
CA License # 01848595
Pinnacle Real Estate Group, lic. 01774776
530-277-5687 Cell
