In this posh suburb of Washington D.C., the sellers of this eight-bedroom brick Georgian were hoping to unload their home before Jan. 1.
The house had gained $1.8 million in value since it was last sold in 2005, some of which was courtesy of a few hundred thousand dollars of work the sellers put into it. With the impending Medicare surtax on investment income and the potential hike in capital gains rate to 20% from 15%, the owners were facing a huge tax bill if they sold after Jan. 1.
Luckily, they managed to close a deal in November, resulting in a tax bill that was about $110,000 cheaper than what they would have had to pay if they had sold this year.
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
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