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The new 3.8% Real Estate Sales Tax from the Patient Protection and Affordable Care Act
Will I be taxed 3.8% when I sell my home according to the new Health Care Law? Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. It’s a complicated tax, and will affect only some real estate transactions. Here are some quick facts about the new 3.8% Real Estate Sales Tax from the Patient Protection and Affordable Care Act Applies to:
- Individuals with adjusted gross income (AGI) above $200,000
- Couples filing a joint return with more than $250,000 AGI
Types of Income:
- Interest
- Dividends
- Rents (less expenses)
- Capital gains (less capital losses)
Formula: The new tax applies to the LESSER of
- Investment income amount
- Excess of AGI over the $200,000 (Individual) or $250,000 (Couples) amount
To get you up to speed about the new 3.8% Real Estate Sales Tax from the Patient Protection and Affordable Care Act, the NATIONAL ASSOCIATION OF REALTORS® has developed an informational brochure.
Call us today to obtain your copy of the NAR Brochure.
We’d Like To Help! We’d like to help you understand IF and HOW this new tax will apply to your specific situation. Let’s schedule a time to get together at our office or over coffee to discuss your specific circumstances. Should you sell your property before January 1, 2013? If your circumstances fall within the parameters of this new Tax Code, imposed upon us in the Health Care Reform Act, you may decide to try to sell your property before this new tax can go into affect on January 1, 2013.
Did you know? Last week, the subscribers to our Newsletter received this information (About the new 3.8% Real Estate Sales Tax from the Patient Protection and Affordable Care Act ) as well as other Market News.
Stay “In the Know”! Subscribe to our Newsletter:
Contact Leslie Barber, Assistant to Randy & Christy Oetken, to subscribe, and to receive the August 2012 Newsletter, containing information about the new 3.8% Real Estate Sales Tax from the Patient Protection and Affordable Care Act Email:
