I just received an email from my Dad about a real estate tax that would be part of  the Obama Health Care plan.

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.

I have attached two links to the National Association of Realtors website. One link provides details on the tax with the other providing the position of the National Association of Realtors concerning this subject.


http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument

http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_advocacy?OpenDocument

This provision has been discussed since late 2010 but is worth revisiting. Please familiarize yourself with this tax provision.

Bottom line: Regardless of your political views if you want to have a federal program you have to find the money to pay for it!

 

 

1 Comments on Obama Health Care Plan and an Additional Real Estate Tax

DEC
04

We all have to decide if we are for getting rid of the Mortgage Interest Deduction, which will affect all middle income Americns, or if you are in favor of the 3.8% tax on those who make over $250K a year and are taxed on a gain of over $500,000.  One or the other, can't have both.

 

 

Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8 percent tax on real estate.   if you are a households with annual income of $250,000 or more and you earn a gain of more than $500,000 on your house (again, that’s after the $500,000 exclusion), any amount of gain above the exclusion would be plugged into a formula to see if it’s taxable. If it turns out that it’s taxable, then the amount could be subject to the 3.8 percent tax. If the household had a gain of more than $500,000 but only earned $249,000 a year in income, the tax wouldn’t apply.

http://realtormag.realtor.org/news-and-commentary/feature/article/2012/10/38-tax-whats-true-whats-not?om_rid=AACd2e&om_mid=_BQfcPLB8ul6gQg&om_ntype=BTNMonthly
6:49am • #1


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