If you are considering selling Greenwood real estate you may be wondering if and how the new tax law may (or may not) affect you. I have summarized  below a little about the law and who the new law will most likely affect.

Beginning January 2013 the new 3.8% tax on some types of investment income will take place. The new tax will affect some (but NOT ALL) real estate transactions. Like most laws it's a bit complicated so it's hard to predict how it will affect every seller or buyer. The new tax was actually passed in 2010 with the intent to generate an estimated $210 BILLION to help fund President Obama's healthcare and Medicare "overhaul". Here are the main things to know to get an idea of whether or not you may be affected.

First of all you should know the tax will NOT be imposed on every real estate transaction;

 it MAY impose a 3.8% tax on some income generated from interest, dividends, earned rental income (less expenses) and capital gains income (less capital losses);

 the tax will fall ONLY on individuals with an adjusted gross income of more than $200,000 and couples filing jointly with an adjusted gross income of more than $250,000.


Again, the above is a simplified generality of who can expect to be affected. I suggest if you have your property for sale in Greenwood SC or anywhere else and think you may be affected according to the above guidelines consult an accountant or other qualified person to find out how or what it means for you. Or contact your Lake Greenwood Property specialists at the The Bradshaw Group and request an informational brochure developed by the National Association of Realtors with specific guidleines, scenarios and details in understanding the law. We are here to help you when it comes to getting the information you need to make informed decisions.

If you would like a snapshot of what the Lake Greenwood Real Estate market looks like just let us know and we will be more than happy to provide the information along with honest answers you need before making any decisions. Your home is one of your largest assets. Don't make any decisions without getting a true representation of the local real estate market as it is TODAY from a full time REALTOR who truly has YOUR best interest in mind.