Did you know that the recent healthcare reform bill had a real estate tax clause buried in its legislation? According to a recent article by the LA Times, a 3.8% real estate tax will go into effect in 2013 as part of the healthcare bill. For most homeowners looking to sell, the new tax won’t apply.
The new surtax, which will take effect on January 1, 2013, will only be applied to sellers making a substantial profit on their home. The 3.8% will affect those above the $200,000 (single) or $250,000 (joint) gross adjusted income, who receive profits above the capital gains tax free limits on the sale of their principal residence. Things may get tricky for those selling vacation homes or rental real estate, where all of the profits could be subject to the surtax.
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