Obama Care 3.8% Tax–Does it effect you?   Leave a comment

Over the next few years, the provisions of the Affordable Care Act, commonly known as Obamacare, will go into effect, as well as new tax measures to pay for the program. The tax of most concern to those selling real estate, is a 3.8% tax on investment income, which includes interest, dividends, rents as well as the capital gains from the sale of real estate. This tax goes into effect starting January 1, 2013.

To correct some of the misconceptions about the tax, the National Association of Realtors created the attached Q and A, which makes it clear that this tax is not a new real estate or transfer tax collected upon the sale of property. Instead the tax applies to capital gains (not the sales price) on the sale of real estate and other investment income, and it only applies to sellers with high incomes who meet a number of other criteria. After reviewing the attached information from the NAR, it is important that any seller contact their financial advisor to review all aspects of the law before making financial decisions.  Below are two sites for you to review.

http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?

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

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