New 3.8% Medicare Tax on "Unearned" Net Investment Income

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1 New 3.8% Medicare Tax n "Unearned" Net Investment Incme Net investment incme- Incme received frm investment assets such as bnds, stcks, mutual funds, lans and ther investments Capital gain- When a capital asset is sld, the difference between the basis in the asset and the amunt it is sld fr (r a capital lss if it is sld fr less) Basis- the cst f an asset which includes the purchase price, shpping, installatin, and ther services assciated with the asset Adjusted grss incme (AGI) - measure f incme used t determine hw much f yur incme is taxable and is calculated as yur grss incme frm taxable surces minus allwable deductins, such as unreimbursed business expenses, medical expenses, alimny and deductible retirement plan cntributins. Yu have a capital gain if yu sell the asset fr mre than yur basis. Yu have a capital lss if yu sell the asset fr less than yur basis. Where is the 3.8% tax fund and when will it take effect? Sectin 1402 f the Health Care and Recnciliatin Act f 2010, which amends the Patient Prtectins and Affrdable Care Act, utlines the new unearned incme Medicare tax, and ges int effect January 1, Wh is subject t this tax? Taxpayers with incmes r an adjustable grss incme (AGI) ver $200,000 wh file individually r $250,000 fr married cuples filing jintly culd be subject t this tax. The prvisin impses a 3.8 percent tax (identical t the cmbined emplyer/emplyee tax rates n earned incme) n incme frm interest, dividends, annuities, ryalties and rents which are nt derived in the rdinary curse f trade r business, excluding active S crpratin r partnership incme. Grss incme des nt include items, such as interest n tax-exempt bnds, veterans benefits, which are excluded frm grss incme under the incme tax. If capital gains n a primary hme sale exceed $250,000 fr individuals r $500,000 fr a married cuple, and the incme threshld is met, the excess realized gain is subject t the 3.8% tax. Hw des this relate t the sale f a hme? There is n sales tax n hme sales in the Recnciliatin Act; instead, there is a tax which includes capital gains, rents, dividends and interest incme that will nly apply t taxpayers under limited cnditins. When determining if an individual r a cuple is subject t the 3.8% tax: A hme sale MAY result in a capital gain that increases net investment incme A hme sale MAY result in a capital gain that increases a taxpayer s AGI

2 NOTE: When selling a hme any prfit is cnsidered capital gain resulting in a taxpayer s pssible eligibility t qualify fr the 3.8% unearned incme tax. Hw is this different frm the Medicare payrll tax? Unlike the Medicare payrll tax, this is an unearned incme tax. Unearned incme is the incme that an individual derives frm investing capital. It includes capital gains, rents, dividends and interest incme. Hw des this pertain t the sale f a primary hme? Fr the majrity f peple selling their primary residence this tax will nt apply. Any gain frm the sale f a principal residence that results in a capital gain that is less than $250,000 (individual) r $500,000 (jint return) will cntinue t be excluded frm taxatin. The new 3.8% tax des nt apply t the current excluded amunts fr the capital gains f a primary hme sale. The new Medicare tax wuld apply nly t any gain realized that is mre than the $250,000/$500,000 existing primary hme exclusin (knwn as the taxable gain ), and nly if the seller has adjustable grss incme (AGI) abve the $200,000/$250,000 AGI threshlds. In such cases, taxpayers pay the tax n the amunt f mney that exceeds the capital gain ($500,000 fr married cuples, $250,000 fr individuals) r a factr f their AGI as deatiled in the frmula belw. The tax is nt impsed n the ttal AGI, nr is it impsed slely n the investment incme. Rather, the taxable amunt will depend n the peratin f a frmula. The taxpayer will determine the LESSER f (1) net investment incme OR (2) the excess f AGI ver the $200,000/$250,000 AGI threshlds. Thus, if net investment incme is the lesser amunt, then the 3.8% tax is applied nly t the net investment incme amunt. If the excess ver the threshlds is the smaller amunt, then the 3.8% tax wuld apply nly t the excess amunt. STEP ONE The tax will apply t taxpayers with an AGI in excess f $200,000 if single r $250,000 if married if they als have unearned incme. NOTE: Unearned incme includes capital gains which is why this culd apply t the sale f a hme. Ex) A single individual has a salary f $220,000 which is in excess f the $200K threshld, therefre they culd be subject t the tax if they have unearned incme. Ex) A married cuple has a cmbined salary f $295,000 which is in excess f the $250K threshld, therefre they culd be subject t the tax if they have unearned incme. Ex) A married cuple has a salary f $200,000, althugh their salary alne desn t meet the incme threshld, they culd still be subject t the tax if their capital gain is at least $50,000. It is imprtant t remember t add the salary with the capital gain t determine the ttal AGI. If the sum f the tw fr this cuple is mre than $250,000, they are subject t the tax. Ex) A single individual has a salary f $80,000 which is less than the $200K threshld, therefre he is nt autmatically subject t the tax. Hwever, he culd still be subject t the tax depending n if he has a capital gain and the amunt added t his incme amunts t mre than $200K (individual threshld). STEP TWO Currently, a taxpayer wh sells their primary residence is excluded frm taxatin n any capital gain up t $250,000 if single r $500,000 if married n the sale f their hme

3 If a cuple sells their primary residence fr a capital gain f mre than the $250K/$500K threshld, the difference is added t their AGI Ex) A cuple sells their huse fr $800,000 and net a capital gain f $600,000. Yu must take the $600K (amunt f capital gain) and subtract $500K (tax exemptin fr a cuple) resulting in $100,000 which will be added t their AGI. If the cuple has a cmbined salary f $160,000 (under the $250K incme threshld) they are still subject t the tax since the cmbined salary is added t the capital gain resulting in a ttal f $260,000. ($160,000 f cmbined salary + $100,000 f capital gain) which meets the incme threshld fr cuples filing jintly ($250K). Ex) A cuple has a cmbined salary f $275,000 and sells their huse fr $400,000 and net a capital gain f $30,000. Even thugh the cuple meets the $250K incme threshld, since the cuple sld their huse fr less than the $500K capital gain exemptin threshld, there is nthing added t their AGI, thus n tax. STEP THREE Fr thse wh qualify t pay the tax, the amunt f tax wed will be equal t 3.8% multiplied by the lesser f (1) net investment incme r (2) the amunt by which their AGI exceeds the $200K/$250K threshld. Tax= 3.8% x [lesser f (AGI- $200K/$350K r net investment incme)] What this actually means fr the sale f a PRIMARY hme A single individual with salary f $100,000 a year sells his huse fr $270,000 with a capital gain f $50,000. T determine his AGI: add his salary f $100,000, t his capital gain ($100,000 salary + $50,000 capital gain) is less than the $250K allwed fr a single persn selling their primary residence there is n added capital gain t his salary. Since his AGI falls belw the $200K threshld fr a single individual, he is NOT subject t the tax A cuple with a cmbined salary f $260,000 a year, which meets the initial incme requirement, and sells their huse fr $1.2 millin with a capital gain f $700,000. T determine their AGI: add their cmbined salary f $260,000 t $200,000 ($700,000 capital gain- $500,000 tax exclusin fr cuples). Their resulting AGI is $460,000. Since their AGI is abve the $250K threshld they are subject t the tax. T determine hw much tax they pay yu must cmpare the tw ptins and take the lesser f the tw Amunt AGI exceeds incme threshld: $460,000 - $250,000 = $210,000 Net investment incme (capital gain abve capital gain exclusin): $700,000 - $500,000 = $200,000 Therefre, since the lesser is the net investment incme that is what the 3.8% tax is applied $200,000 x 3.8% = ttal tax f $7,600 What happens if I have ther prperties? If all f yur incme is derived frm real estate investments that yu wn and perate, yu are nt subject t the 3.8% tax. Yu prperty is cnsidered yur trade r business and althugh yu are nt respnsible fr the 3.8% tax yu culd be respnsible fr a tax n the earned incme. If yu use rental prperties fr an investment, then they are nt cnsidered a trade r business, n matter the incme yu bring in. Rental hmes that have been rented fr mre than 14 days culd be subject t the new 3.8% tax, assuming that yu meet the $200,000/$250,000 AGI threshld. In the sale f a secndary hme there is n tax exclusin fr the first $250,000/$500,000 f a capital gain. Ex)A cuple has a cmbined incme f $2 millin a year and sells their vacatin hme fr $1.2 millin and net a capital gain f $700,000.

4 T determine their AGI since the incme threshld has been met: There is NO tax exclusin since this is a secndary residence. Therefre, add their cmbined salary ($2 millin) t their capital gain ($700,000) which results in an AGI f $2.7 millin. T determine hw much tax they pay yu must cmpare the tw ptins and take the lesser f the tw. Amunt AGI exceeds incme threshld: $2.7 millin - $250,000 = $2.45 millin Net investment incme (capital gain abve capital gain exclusin): $700,000 - $0 (n exclusin) = $700,000 Therefre, since the lesser is the net investment incme that is what the 3.8% tax is applied. $700,000 x 3.8% = ttal tax f $26,600 Ex) A single individual with an incme f $120,000, which is under the $200K incme threshld, sells his vacatin hme fr $750,000 and nets a capital gain f $250,000. Nte: the incme threshld has NOT been met (his salary f $120K falls belw the $200K threshld). Hwever, since there is n exclusin fr secndary hmes his capital gain is the full $250,000, which is added t his AGI and will push him ver the $200K threshld ($120,000 incme + $250,000 capital gain = AGI f $370K). He is nw subject t the tax. Amunt AGI exceeds incme threshld: $370,000-$200,000 = $170,000 Net investment incme (capital gain abve capital gain exclusin): $250,000 - $0 (n exclusin) = $250,000 Therefre, since the lesser is the AGI that is where the 3.8% tax is applied. $170,000 x 3.8% = ttal tax f $6,460 The unearned incme tax applies t all capital gains, nt nly hme sales Ex) A cuple with a cmbined salary f $260,000, which is ver the $250K incme threshld fr married cuples, have $50,000 in dividend and interest incme (which is a capital gain). Therefre, add their cmbined salary ($260,000) t their capital gain ($50,000) which results in an AGI f $310,000. Since their AGI f $310,000 is abve the incme threshld f $250K fr married cuples they are subject t the 3.8%tax Amunt AGI exceeds incme threshld: $310,000-$250,000=$60,000 Since this is nt a primary prperty sale, there is n exclusin. Therefre, t determine the tax the cuple will be subject t the amunt the AGI exceeds the incme threshld ($60K) is multiplied by 3.8%. $60,000 x 3.8% tax = ttal tax f $2,280 Ex) A single individual with a salary f $70,000, which is under the $200K incme threshld fr single individuals has received annuities fr $60,000 (which is a capital gain). Therefre, after adding his salary ($70,000) t his capital gain ($60,000) resulting in a ttal f $130,000, he is nt subject t the 3.8% tax since $130,000 falls belw the individual incme threshld f $200,000. Fr mre infrmatin frm the Natinal Assciatin f Realtrs, click here

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