I've received a number of questions from clients who have received e-mails saying they would get hit with a 3.8% tax on the sales price of their property starting in 2012 as part of the new Health Care Bill. There is a tax that will be levied in some instances but it's not like a straight sales tax. It's based on The Seller's income level and the profits made from the property. Click the photo for a link to factcheck.org for a more detailed explanation. If your home is already for sale, let's hope it doesn't come into play and you get it sold in 2011!
Thursday, August 4, 2011
3.8% Tax on Real Estate in 2012?
I've received a number of questions from clients who have received e-mails saying they would get hit with a 3.8% tax on the sales price of their property starting in 2012 as part of the new Health Care Bill. There is a tax that will be levied in some instances but it's not like a straight sales tax. It's based on The Seller's income level and the profits made from the property. Click the photo for a link to factcheck.org for a more detailed explanation. If your home is already for sale, let's hope it doesn't come into play and you get it sold in 2011!
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