UPDATED TAX INFORMATION 

 

3.8% Medicare Tax:

The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax. The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions. The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax. REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

Visit the links below for additional in-depth information from the NAR.

 

READ THE FULL ARTICLE FROM THE N.A.R

 

Health Insurance Reform: Frequently Asked Questions (FAQs)

 

 

 

With such high demand for answers I've attached a Quick update on the new tax bill coming out for Lake County as well a breakdown of Facts and Myths on how the "proposed" tax cap benefits us and the overall perception of the issues that are surrounding it.
 
     I also have a 64 page Slide show presentation that was put together for agent training that lines out how the assessments are calculated, county tax rates are applied, what makes up your tax bill, how the tax cap will impact the billing and how the current exemptions work.
         ....If you want a copy - just let me know!
 
    Below are the Links for Jasper, Lake, Porter & Newton county assessors and as applicable online Treasurers links for taxes.
Once THE NEW assessments come out in March 2011 for your property...you will have 45 days to appeal the value for the following years taxes...This is critical to do in time. Let me know if you need any help!
 
LAKE COUNTY
 
PORTER COUNTY
 
NEWTON COUNTY
 
JASPER COUNTY
 
Take care!
John
 
 

 

~~~~~~~~~~~~~~~~~~~~~~~~

NORTHWEST  INDIANA -

Lake, Porter, Newton & Jasper Counties

 

John Schupp

   Broker/Owner-GRI

SCHUPP Real Estate

Industry leaders spanning

3 decades and 3 generations...

Ph: 219-696-3596

Fx: 219-696-3597

Email: realestate@roxyjohn.com

Web: www.roxyjohn.com