An email is circulating and my mother sent a copy of it to me. Of course, she was believing every word of it, as I am sure many will without any research at all.
The jist of it was that a real estate tax of 3.8% is going into effect in 2013 as a result of the health care bill passed last year that will impose a tax when you sell your home. Example: sell a $400,000 home and you would owe $15,200 for this tax.
WRONG!
The health care legislation imposed a 3.8% transaction tax on profit over the capital gains threshold. Meant for investors, not the seniors who intend to downsize in droves within the next few years.
Take a sigh of relief Mr. and Mrs. late 50's or early 60's. This hit on your equity is not going to happen!
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