Can't hardly believe some of the comments. .........In short, rather than having to a pay a tax of 3.8 percent of the amount you realize on the sale of your primary residence, the truth is something quite different – that if your joint-return adjusted gross income is over $250,000, you might have to pay a tax of 3.8 percent of the amount of gain you realize over $500,000............
First your ADJUSTED gross income, so after your income is lowered by adjusting and you still make over $250000 and are able to sell your home for over $500000 (sale price - purchase price)then you pay tax on the amount over $500,000. So if you sell it for $525,000 you pay this tax on $25,000.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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