3.8% Tax: What’s True, What’s Not

I want to provide some true data here as it relates to sales tax and purchasing or selling a home.

I have received several emails where people thought there was a Federal Sales tax going into effect which is attached to the new Health Care Reform bill as a way to pay for Obamacare.

First off, there is NO such thing as a Federal Sales tax. Period. Ever.  All federal monies are recieved via the IRS and our annual filing of forms.

Here are some articles that explain what is really happening.  For 90% of sellers there will be no impact as you have a personal residence exclusion to capital gains (if by chance you have a gain!), but investors need to pay attention and read the following articles carefully.

gray-logoFrom the National Association of REALTORS®
The 3.8% Tax and Health Care Reform
3.8% Tax: What’s True, What’s Not

rulings-tom-pantsonfireFrom Politifact
Truth-O-Meter Pants on Fire

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