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| FACTS on the New 3.8% Tax - Read this article! |
THE FALSEHOOD: I have received a number of emails that are forwarded to me and many others with erroneous information about how ObamaCare is going to place a tax to Sellers on ALL real estate transactions closed after January 1, 2013. Essentially these ERRONEOUS EMAILS state that, for example, on a $100,000 sales transaction, the SELLER must pay a new tax of 3.8% or $3800 to the federal government.
i.e. - in an email I received today:
"Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax." THIS IS FALSE!
In my opinion, ObamaCare is a very bad thing. It's bad legislation by an out-of-touch President and Congress (especially a currently Democratic controlled Senate).
THE TRUTH:
Beginning January 1, 2013, a NEW 3.8 percent tax on some investment income will take effect. This tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI. Additionally, the new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
LINK: 3.8% Tax on Certain Real Estate Transactions - Brochure by National Association of Realtors
This new tax was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care. Of course, there are other wild taxes and even a raid on Medicare to fund Obama's health care.
Your vote this November is critical to America's future. Please know the issues and VOTE.
Mel Coker
Columbia, SC Realtor
RE/MAX Metro Associates
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