Because of the new 2013 Obamacare taxes, should you sell real estate and other investments in 2012? Perhaps, but it depends.
Here are the new taxes to pay for Obamacare:
A 3.8% surtax on “investment income”. Investment income includes Capital Gains, Dividends, Interest, Rent, House Sales, Annuities, Partnerships, etc. This tax applies when your adjusted gross income exceeds $200,000 ($250,000 for joint filers).
Further, Capital Gains taxes which are currently about 15% may increase to 20 or 25% next year as the Bush Tax Cuts expire. Therefore an individual could incur capital gains of up to 28.9% next year (25% plus 3.8% surtax).
Many individuals are therefore selling investments and selling real estate before the end of this year.
Written by Robert J. Penny.
