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Obamacare and real estate taxes

July 10th, 2012 at 08:29 am

I'm not posting this to bash or praise the president or any party...I was just surprised to find this real estate tax as part of the Obamacare.

It seems that if a couple has an adjust gross income of $250K or more, come January 1, 2013, any home they sell, they may be subject to a 3.8% income tax.

http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_invest_inc_tax_broch.pdf/$FILE/government_affairs_invest_inc_tax_broch.pdf

I guess I shouldn't be surprised about all the stuff they stick into bills as they try to pass them into laws, but I guess house sales and health care seem to be a bit distant. Guess not.

Anyway, just an FYI. We aren't close to the $250K adjusted income and we aren't planning on selling our home so it probably won't effect us. I do think I need to read what else is in this new law...in case something else effects us.

2 Responses to “Obamacare and real estate taxes”

  1. MonkeyMama Says:

    Actually, the $500k per couple exclusion still applies to sale of personal residences - so you can still receive a $500k gain tax-free no matter what your income.

    Historically, home sales were taxed more heavily as they probably should be. Tax favoritism for real estate no doubt contributed to the bubble and ensuing real estate mess.

    People have gotten used to paying little to no taxes on investments and real estate sales - it will be a long uphill battle to go back to taxing those again. But, I think the point that is missed by most is that if they can't collect taxes there it needs to come from somewhere else. Of course, this is the same discussion regardless of Obamacare.

  2. Joan.of.the.Arch Says:

    My Dad sent me a screaming, red print, large font email forward about this. Holy smokes, he has become gullible in his old age. I sent him the link to the National Association of Realtors brochure which nicely shows the how this is not a big deal.

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