Skip to comments.Will You Ever Sell Your House (E-mail on ObamaCare tax in 2013)
Posted on 03/14/2011 3:46:23 PM PDT by wac3rd
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 health care bill.
Just thought you should know.
SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections?
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 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. Does this stuff make your November and 2012 vote 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
Why am I sending you this? The same reason I hope you forward this to every single person in your address book.
VOTERS NEED TO KNOW.
(Excerpt) Read more at gop.gov ...
For however far you can trust these people...
The post is not correct in its assertion. The tax is on your capital gains on the property after it reaches a threshold. Check it out http://www.snopes.com/politics/taxes/realestate.asp
Given the outlook for home prices, the potential for a $500,000 capital gain is rather dim, IMHO.
Even at that the tax only applies to amounts above that threshold.
Well if you try to evade it the government will give a place to live for free!!!!
By the time Odumbo is done destroying the country, owning houses will be history.
This tax only applies to families with more than $200K (individual) or $250K (family) income. http://www.atr.org/obamacare-taxes-final-tab-a4744#
If I had a capital gain of 500K on my house sale, I would be ecstatic.
It’s not going to happen.
Number 1 with a bullet when you search this at Snopes.
Ever hear of inflation and the Fed running its printing press?
The AMT (Alternative Minimum Tax) was only supposed to be used against the "rich," but now "rich" is $75,000 year.
Hard to see it, in all the deception and lies... A 3.8% sales tax on property transfer in Obamacare? IN OBAMACARE??
This is in addition to the 105 BillIon$ slush fund that nobody knew was there until recently.
Are you listening P.E.Ms (Public Employee Morons )? You thought you should afford homes priced twice what the rest of us could. Now you get to pay several times what I will, in addition to to Real Estate commission. Hope your equity is up there high enough not to have to pay when you sell.
You do realize also that the price on the home will also increase in assessment geometrically if it is sold before you amortize the tax you already paid?Stupidity and ignorance, like elections, also have consequences.
Isn't transparency wonderful?
I'll let the Great Uniter explain it to you.
It will be easy in Obama’s USA Zimbobwe where we print trillion dollars in debt every year.
Regardless, it is a new unannounced TAX. One that will effect allot of CA residence that purchased their hjome in the 80’s and are selling in order to downsize.
It is one more way fort eh OBAMA to stick his hand in tyour pocket.
We've got a LONG LONG way to go before we have housing price inflation IMHO.
We've got a LONG LONG way to go before we have housing price inflation IMHO. I'm not sure we've even bottomed out yet. And this is with historic low interest rates. Wait til mortgage rates increase.
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? ...When did this happen? It's in the health care bill... Why 2013? Could it be to come to light AFTER the 2012 elections?Isn't it worth paying something to get the free health care though? /s
I cannot trust anyone in Government anymore, at all, save DeMint, King, Bachmann and other conservatives.
I dont think this is accurate.
First, the 3.8% tax only applies after you have used your 250/500K exclusion for capital gains from real estate. Second, it only kicks in for “rich” people (the over 250K/couple crowd.)
IOW only a small number of home sellers will have to pay the tax.
Just wait until QE3.
They couldn’t move houses with 4% fixed for 30 yrs and an $8500 tax credit.
What makes you think 7% (and up) and no tax credit is going to do it?
Regardless of the threshold it's another tax increase on something unrelated to the bill it's in.
“Ever hear of inflation and the Fed running its printing press? “
You’re quite right about that. There is no inflation adjuster for any of the new health law taxes. The 3.8% tax applies to all net investment income (interest, dividends, taxable net capital gains, royalties, rents etc.), which will affect virtually all households above the income threshold, not just those who happen to sell their homes. But due to the lack of an inflation adjuster, year by year a growing number of Americans will get nicked by this and other taxes.
The health bill was laden with all sorts of “stealth taxes” such as these. Another example is the tax on health insurers. This inevitably will get passed back to consumers, costing the average family buying health insurance about $450 a year regardless of income. http://jhpplnewsandnotes.wordpress.com/2011/03/09/case-of-the-premium-tax/
“We’ve got a LONG LONG way to go before we have housing price inflation IMHO”
You may be right, but the issue is general inflation that will carry more and more Americans’ incomes into the range that real estate transactions such as these are taxable. This is by design. It’s a sneaky way for Congress to raise taxes without having to lift a finger to do it. That is, even if the number of home sales remained constant over 10 years, this tax will pull in more and more revenue because more and more Americans will become “eligible” to pay it.
It’s a classic case of “foot-in-the-door” politics: progressives saw an opening and JAMMED the health care law through it. It’s just one of many reasons the whole thing needs to be scrapped entirely.