5 Foreclosure Myths - BUSTED!

From Tara-Nicholle Nelson of Trulia.com...
5 Foreclosure Myths - BUSTED!

Healthcare Law and Real Estate Tax

After the new health care bill passed earlier this year, there have been many emails making the rounds talking about the 3.8% tax that will be imposed on the sale of real estate starting January 2013, the purpose of which is to help pay for the cost of implementing the new law.  There are bits of truth and rumor in many of these emails.  It is true that the 3.8% tax exists ... it is not true that this tax will affect all, or even most, real estate transactions.  However, if you make an AGI of over $200,000, there is a possibility that it may affect you.  The National Association of Realtors has put together an excellent brochure to help clarify the ramifications of this new law and to give examples of the impact of this tax.  As always, you should consult with your tax advisor for advice regarding your individual situation.

Click here to see the NAR Tax Brochure.