Following is the text (as I received it) about a new tax on the sale of your home. It says that come January 1, 2013 there is a new sales tax when you sell your home. It says that if you sell your home for $100,000 you will pay a tax of $3,800.
What it says is false!
The Affordable Care Act does contain a new tax on unearned income for certain taxpayers. However, the tax only applies to individuals who have incomes of $200,000 or more ($250,000 married). So right there over 95% of Americans are excluded from the tax under any circumstances.
In addition, the tax is not on what a house sells for but on the profit above the normal $500,000 tax exclusion on a home sale that applies to everyone. Let’s say you bought your house many years ago for $200,000 and in 2013 are lucky enough to sell it for $700,000. You made a profit of $500,000. That $500,000 is not considered unearned income for anyone so even if you make over $250,000 there would be no 3.8%
Get the facts on e-mail rumors before you forward them … please!
Text of most recent false e-mail on 3.8% tax:
If you own a home, Please read this.
THIS WILL BLOW YOU AWAY !!!!!
The National Association of REALTORS is all over this and working to get it repealed, before it takes effect. But, I am very pleased we aren’t the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many REALTORS do you think will vote Democratic in 2012?
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home, etc. When did this happen? It’s in the health care bill and goes into effect in 2013.
Why 2013? Could it be to come to light AFTER the 2012 elections? So, this is “change you can believe in”? Under the new health care bill all real estate transactions will be subject to a 3.8% Sales Tax.
If you sell a $400,000 home, there will be a $15,200 tax.
This bill is set to screw the retiring generation who often downsize their homes. Does this make your November and 2012 vote more important?
Oh, you weren’t aware this was in the Obamacare bill? Guess what, you aren’t alone. There are more than a few members of Congress that aren’t aware of it either
For a more detailed discussion of the new tax visit this blog post
Categories: Observations on life