First let me start off by saying: "The 3.8% Real Estate Tax in the Health Care Bill" - See the connection? (Real Estate / Health Care) I'm being sarcastic but I think you get my point.....
This Tax is just one of many Earmarks that was stuck into the new Health Care Bill. I think we can agree that Health Care is a major concern amongst Americans but that is an entirely different topic.
There are many emails going around stating if you sell your home after 2012 you will pay a 3.8% sales tax. That's $3,800 per $100,000. That would not be good for Sellers orn Realtors trying to sell homes. As a Realtor in the Charlotte, NC market I was pretty upset to hear that. Talk about further damaging a housing market that is just starting to show signs of stabilizing. However, I learned a long time ago whenever something is political you better do your homework.
Here are the facts about the 3.8% Real Estate Tax in the Health Care Bill...
According to FactCheck.org
Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?
A: The answer is YES, but it is limited. The first $250,000 in profit from the sale of a personal residence won't be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few - those with high incomes from other sources.
With all that being said, this should not be in a Health Care Bill. Think of how many other things must be stuck in the thousands of pages of that bill. (Taxes and Pet Projects)
Data: FactCheck.org Realtor.org
Craig R. LePage Realty Group Inc.
Charlotte's Luxury Home Specialist's - Serving the entire Charlotte area including Lake Norman
Ph: 704-618-2412 begin_of_the_skype_highlighting