[CateP]

Originally Posted by jmen24

Along the same lines of this question. Has anyone read about a possible federal sales tax that was included in the Health Care Reform Bill. It would take 3.8% of the sale price of your home to put into the health care coffers?

Something about it taking affect in 2012.

Not trying to start anything, just curious as this was mentioned to me when talking about the possibility of selling in the near future.

For the third time in the past six months, NAR[National Association of Realtors] is being inundated with questions about a real estate transfer tax enacted as part of the Health Care reforms in 2010. THERE IS NO SUCH TAX. A viral Internet posting is riddled with errors.

The Health Care legislation did create a new tax that would apply to a portion of the gain on the sale of any capital asset (including real estate). That tax will apply ONLY to individuals with more than $200,000 Adjusted Gross Income (AGI) (or $250,000 AGI on a joint return). The tax does not apply to any amount excluded from taxation under the $250,000/$500,000 principal residence rules. The tax is never imposed directly on the full amount of any capital gain.

For more info see:
http://www.realtor.org/wps/wcm/conne...PERES&CACHEID=