Tuesday, February 08, 2011
You might be wondering about the 3.8% sales tax on real estate that will take effect starting January 2013. It will NOT be imposed on all real estate transactions, and it is NOT a real estate transfer tax. The new tax legislation may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI. To get you up to speed about this new tax legislation, the National Association of Realtors® (NAR) has developed an informational brochure with different examples and scenarios to help illustrate when the tax will apply. Click here to view the brochure.
While we’re on the subject of taxes, here is a link to the Colorado tax forms.
Federal tax forms can be found at http://www.irs.gov/formspubs/index.html