Is there a real estate tax in ObamaCare?

health care law real estate taxYes, there is but it may not affect everyone. Though just because the minority may be affected doesn’t mean it doesn’t exist.

First of all, I’m not a CPA and readers are advised to receive counsel from a competent CPA or accountant prior to making any decisions.

This tax will affect individuals with a adjusted gross income over $200,000 and joint return couples with and adjusted gross income over $250,000.

So how does it work?

The 3.8% tax will be forced when a person or couple selling are selling their home and capital gains tax is being applied. A little double dipping from your elected officials.

Oh yeah. The tax goes beyond your principal home to include the following:

  • Sale of non-real estate assets. Meaning your stocks and bonds or as many call them… retirement. Sorry Lankowsky.
  • Gain, interest, and dividends from security.
  • Real Estate investment income.
  • Some rental incomes.
  • Sale of a second home with no rental history aka your vacation home.
  • Sale of inherited investment property.
  • Purchase and sale of investment property.

For a more thought out summary with financial examples from someone willing to take on the liability click here.

 

Ricky Beach

Broker/Owner|RealtorŽ|CDPEŽ|SFRŽ

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 |  Cell:(775) 750-1437  | Fax:(775) 562-4779  |


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