Did you know that if you sell your house after 2012 you will have to pay a 3.8% tax on the sale?
That’s $3,800 on a $100,000 home, and on a $400k home, it’s $15,200. Wow!
To make it worse, the tax is on the full amount, once you’ve exceeded your allowed capital gains.
Never mind that you used AFTER TAX dollars to pay for your home, you’ll be getting the entire amount taxed again IN ADDITION to your capital gains. How is that fair? Hell, how is it even legal?
When did it happen? Surprise, It’s in the health care bill, but I’ll bet you didn’t know that did you? Can you believe they actually read that then voted to pass this? Yeah, me either – I’ll bet it’s something that was buried and they didn’t even read before voting it in!
Snopes helps clarify this issue very well –
So this is NOT entirely true –
THIS TAX WILL GO INTO EFFECT JAN 2013 (Part of HC Bill)
Under the new health care bill, all real estate transactions will be subject to a 3.8% Sales Tax, after Jan 1, 2013.
So it’s not a sales tax, its a medicare tax, and only those “rich quartermillionaires” will be affected.
I think this is really going to screw a lot of retiring people who often downsize their homes, and catch them by surprise!
I hope you share this with every single person in your address book, because an election is coming in November.