The New Health Care Bill (often called Obama Care) will bring a 3.8% Real Estate Tax

By
Real Estate Agent with Keller Williams Realty

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
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Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
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Well fortunately it's been ruled Unconstitutional by a Federal judge....so I'm not too worried if it's in there or not.

Feb 09, 2011 12:29 PM #1
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LePage Johnson

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