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Value of homeshop????

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  • Value of homeshop????

    Tax type friend suggested if I am going to sell my home/shop, do it in the next 90 days, 'cause 3.8% fed home sales tax will apply, come new 2013 tax laws?

    True--false ??

    --G

  • #2
    If you were in the income bracket necessary to qualify for the sales tax, you would not be asking here. Answer: most very likely no, it does not apply.
    Gary


    Appearance is Everything...

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    • #3
      I havent heard of anything,but do you mean theyre taxing what you sell from your house? Like garage sales tax? Or are you selling your house?

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      • #4
        Google "fed home sales tax." Just another half-true, internet/email hoax.

        Tom
        Tom - Spotsylvania, VA

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        • #5
          Here's some good info from snopes:
          http://www.snopes.com/politics/taxes/realestate.asp

          Scott

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          • #6
            SELL MY HOME SHOP? Are you trying to cause heart attacks? Ahhhhhhhhhag! Unthinkable!
            Paul A.
            SE Texas

            Make it fit.
            You can't win and there is a penalty for trying!

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            • #7
              Originally posted by Paul Alciatore View Post
              SELL MY HOME SHOP? Are you trying to cause heart attacks? Ahhhhhhhhhag! Unthinkable!
              Coffee........................ALL over the monitor screen!

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              • #8
                Sounds like a great rumor to start if your looking for a cheap house to buy being sold by rushed sellers.
                Play Brutal Nature, Black Moons free to play highly realistic voxel sandbox game.

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                • #9
                  There will come day in the future for all of us with a home shop when for what ever reason the "home shop" with or without tools and machines and with or without the house will have to be sold.

                  Quite often "estate sales" and auctions are no better or perhaps worse than "fire (no reserve) sales" with your goods going to who-ever is the buyer of it. If the buyer decides to sell your "treasures" or to scrap them it is his right to do so.

                  There are any amount of medical/physical reasons that can cause you to sell up or to stay out of or only have limited use of your shop - and the older we get the more likely it is that it will happen and the closer it gets.

                  In other words the decision as to whether your shop is sold or sealed etc. may effectively be a decision made for if not by you.

                  Any applicable tax will or should be paid by the seller/vendor/agent.

                  I'd be careful about tax if you are selling any tool or machine that you have been claiming depreciation on and the sale price is in excess of the written-down value.

                  If you are concerned then get competent professional advice - ie a good Tax Accountant.

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