07 - NC Home Tax Legislation
Bills now being considered in the North Carolina General
Assembly would force people selling their home to pay a 1%
sales tax. For example, if you own a $200,000 home, you would
be forced to pay $2,000 to the government when you sold your
home. And the fact is you will not be able to vote on this
legislation, so that's why it's important for you to contact
your legislator to let them know that you oppose new taxes
07 - How Real Estate helps build wealth?
Consider a $200,000 home at a 6% interest rate?
The interest paid on the home is $12,000, with esti-mated
property taxes of $2,400. By itemizing, you will
reduce your taxable income by $14,400. Assum ing
a 25% tax bracket, those deductions will trim $3,600 off
your tax liability. The most important thing that
is not factored here is the appreciation which will be
tax free assuming you sell according to IRS rules. > Contact
Us to discuss.
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