- Get a decent refund? Here are some tips on putting that money to work for you. - July 22, 2020
- Claiming Medical Expenses for Tuition - May 19, 2020
- Making Capital Gains Taxes Disappear on a Profitable Home Sale - May 4, 2020
Do you plan on selling your home in the near future? If so, you might want to sell it before the year 2013. Starting in 2013, there will be a 3.8% medicare surcharge in all taxable gains. If you have gains over $250,000 single or over $500,000 married, any excess is taxable for both capital gains and for this Medicare surcharge.
This tip is particularly important for both sale of second homes and rental properties because these items don’t get the $250K/500K exclusion. It also applies to stock and bond sales made in 2013 and thereafter.
Key: sell substantially appreciated homes, before 2013 to avoid this.