Under the new health care bill – did you know that all real estate transactions are now subject to a 3.8% Sales Tax? We do need to note here that most sellers can exclude up to $250,000/$500,ooo in gains from this tax. The bulk of these new taxes don’t kick in until 2013.
This new law does contain a bunch of new taxes. The 3.8% tax applies to ALL investment income, including interest, dividents, and other capital gains, and even rents, royalties, and annuities. It might be a good idea to come in and talk to the tax man before all of these new taxes start kicking in.
Oh, you weren’t aware this was in the Healthcare bill? Guess what, you aren’t alone. There are more than a few congressmen that aren’t aware of it either. AND, there are a few other surprises lurking. ….Stay tuned.