Truth about the 3.8% Sales Tax

With Obamacare moving full steam ahead, there are a lot of rumors and emails floating around about the “3.8% sales tax” that will be imposed on the sale of a home as of January 1, 2013. The fact is that there will be a 3.8% tax but it will be on the “unearned income” of high income earners – this means capital gains taxes above the exemption amounts allowed ($250K for single, $500K for married).

National Association of Realtors has a good set of FAQ’s that will walk you and your client through how this new tax works:

Finally, NAR has also put together a brochure that walks through 8 different scenarios under which a person could be taxed:

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