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Uncle Bill
10-07-2010, 11:10 AM
..."we gotta pass this bill to know what's in it."

Well gawley, Mr. Dillon...whoda thunk this woulda been in IT??? UB

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 healthcare bill. Just thought you should know. SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) REAL ESTATE SALES TAX So, this is "change you can believe in"? Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 (presumably after obama's reelection). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Is this Hope & Change great or what? Does this stuff makes your November and 2012 votes 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 (result of clandestine midnight voting for huge bills they've never read). AND, there are a few other surprises lurking. http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home (http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home)

ducknwork
10-07-2010, 11:16 AM
Not completely true. Unwad your panties...

http://www.snopes.com/politics/taxes/realestate.asp

tom
10-07-2010, 12:02 PM
Bottom line;

"If you sell your home for a profit above the capital gain threshold ... you would be required to pay the additional 3.8% tax on any gain realized over this threshold"

So if the capital gain from the sale of your home was $500,001.00 (married couple), you would have to pay the 3.8% tax on one dollar.

Guess you will have to sell your $500,000 house for over a million dollars before you will have to worry about it.

But here's the catch; what will be the capital gain threshold after the tax cuts expire, or in the future?