As the end of 2012 is drawing near, I am now entering into closing dates for 2013.. and to that regard, I am reminding my clients that they might be impacted by the new 3.8% sales tax derived from some investment property sales . Some examples have been published by NYSAR, and the information makes it quite easy to understand for all. Firstly, the 3.8% new tax will be utilized to offset some costs for the Obamacare and Medicare overhaul plans.
The Tax will apply to individuals who earn an adjusted gross income (AGI) of over $200,000 and couples (filing a joint return) who earn an adjusted gross income of over $250,000. The new tax will apply to dividends, interest, rents (less expenses) , capital gains ( less capital losses ).
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