Archive for the ‘all posts’ Category
There IS a New Real Estate Transfer Tax in the ObamaCare Law
- Image via Wikipedia
One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.
Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President. In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this. And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…
I have an answer…
There is indeed a tax on the sale of real estate. It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties. The exact amount will be based on a formula that includes the profit from the property and the income above $200,000. The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.
It does not just apply to real estate, but also applies to investment income and dividends.
The bottom line is that both groups are right… and both are wrong.
But…
It will drive another nail into the luxury real estate market. It has been in the doldrums for a while. Adding new taxes will not get it going again. And if you are thinking that this only affects ‘the wealthy’, think again. Those homes are not built by ‘the wealthy’. Those homes are not renovated by ‘the wealthy’. Those consumers are more likely to hire contractors to do improvements. And they are more likely to update more often… They are a driver in the housing sector. This added tax is NOT putting gas in the tank…
View CommentsMotoring Monday… Cool Cop Cars…
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Come on… admit it. You think cop cars are cool. OK, some cop cars are cool. Some look like something that your boring uncle would drive, but then there are the ones that are really sleepers… loaded with power and ability, like Superman disguised as Clark Kent.
I ran across a post on Raw Justice that outlined a bunch of Bad@$$ cop cars. They looked at some squad and pursuit cars that are used elsewhere in the world, and there are some that are pretty surprising.
Among the rides that I really didn’t expect to see in Police livery were:
- Lamborghini Gallardo from England
- Lotus Exige from England
- Spyker C8 from the Netherlands
- Peugot RCZ from Hungary
Of course, there were some American cars that I wasn’t too surprised about, like Hemi Chargers, Mustangs, and a Viper. And then Germany had some strong entries with Mercedes Benz, Porsche and BMW providing local flavor… And of course there are some killer cars in Japan, so why not have a Skyline cop car?
Enjoy. Let me know what your favorites are…
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- 53 Cool Concept Cars… Part IX (gwinnettgarageguy.com)
53 Cool Concepts… Part XIII
- Image by Bidgee via Flickr
Everything old is new again… Happy Days, set in the 1950s came out in the 1970s. That 70s show, set in the 1970s came out in the 1990s. How many shows from the 1990s are running in syndication right now? And doesn’t it seem like all of the shows we liked 20 or 30 years ago are becoming movies?
Trends get recycled… Rat Rods are referred to as “traditional” rods by many aficionados. Retro is hot… The New Bettle… The New Mini… Mustang, Camaro, Challenger.
One trend that might be ready to resurface is ‘Sedan Deliveries’. They have a few advantages over traditional vans.. and they are cooler. Because they are smaller and lighter, they would use less fuel. Many of the vans running around are mostly empty anyway… at least they are most of the time.
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They were big in the 1930s… and again in the 1950s. They popped up in some compact cars in the 1970s. And then minivans got real popular in the 1990s. There were some minivan delivery specials a while back, and more recently, the PT Cruiser and HHR have had Sedan Delivery variants…
But what about full size vehicles? The Dodge Magnum would have been a great choice. The Ford Taurus X was another one… Just how cool would a company look with a fleet of Dodge Magnum delivery vehicles?
Of course, having a 2 door would be much more authentic. GM has a perfect platform that would be relatively easy to deploy… The Holden Commodore Ute. Holden is the Australian marque for General Motors. Previously, GM brought the 2 door Commodore into the US as the 2004-2006 Pontiac GTO. The again tapped Holden when they brought the 4 door Commodore in as the Pontiac G8.
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Holden has a ‘Ute’ version of the same platform. It has undergone a lot of testing in the US and should be pretty easy to certify for US sales. It has plenty of engine options, ranging from a nice V6 up to a couple of 400hp+ Corvette V8s.
Pontiac is gone now… but there is no reason that Chevy couldn’t be the brand that benefits from the Australian Connection. Heck, they could even bring back the Nomad name. I don’t think it would be a top selling model… but it would be a killer niche vehicle. Maybe that trend is ready to roll back around again.
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- 53 Cool Concepts, Part XII (lanebailey.com)
- 53 Cool Concept Cars… Part I (lanebailey.com)
View CommentsRe-alignment…
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The time has come. I will be re-aligning my blogs and websites to be more subject specific. I have a lot of presence on the web, and for too long they have had overlapping content. As we get through this re-alignment of the sites, each will be more focused on a specific purpose. There will still be connections between the sites, but the content will be less connected…
Some of the sites that will be part of the re-alignment are:
- LaneBailey.com
- LaneBailey.info
- GwinnettGarageGuy.com
- UltimateHomeMarketing.com
- GarageHomesUSA.com
- LilburnDwellings.com
I might also be re-designing the looks of the sites at the same time… It will be fun…
Wayback Wednesday… Add on or Get out?
Two years ago I wrote a post about whether a (would-be) seller would be better adding on or moving if their current home wasn’t meeting their needs.
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Lane’s New Video Channel
I have just struck a deal with The Video Connector to provide video content for my sites. Look for lots of cool videos from Tara and TJ from Reel Productions. They have been the providers of my video tours for a couple of years now, and really have a handle on the real estate market. Enjoy.
