Medicare Tax ~ HiltonHeadReal EstateNews.com

The Medicare Tax is a 3.8% tax that goes into effect January 1, 2013 and it does not apply to all Hilton Head owners.  Only "high income" owners with Adjusted Gross Incomes(AGI) of more than $200,000 for individuals or more than $250,000 for married couples will have to deal with this new tax. As well, it does not apply to principle residences under $500,000 held jointly or $250,000 for a single.  We suggest checking with your financial counselors to see if it is beneficial to sell before this new tax is put into place.  The reason it is called a Medicare Tax is that this....Please Read the rest of this entry

 

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