Here you go. i have been getting emails as well.
There are emails being passed around that start with the following:
â€œDid you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home, etc.
When did this happen? ........ It's in the health care bill.â€
Well, this a mixture of false and true information. Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact you if you are selling a house after January 1, 2013.
Itâ€™s a complicated tax.. The NATIONAL ASSOCIATION OF REALTORSÂ® has developed an informational brochure . It includes examples of different scenarios in which this new tax â€” passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obamaâ€™s health care and Medicare overhaul plans â€” could be relevant to you.
This tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.
Hereâ€™s a good summary from http://www.snopes.com/politics/taxes/realestate.asp: â€œThe referenced tax is therefore not a tax on all real estate sales; it is an investment income tax which could result in a very small percentage of home sellers paying additional taxes on home sales profits over a designated threshold amount, in short, if you're a "high earner" and you sell your home at a substantial profit, you might be required to pay an additional 3.8% tax. However, given that the existing home sale capital gains exclusion on a principal residence ($250,000 allowable gain for individuals, or $500,000 for couples) still stands and no Medicare tax will apply for gains within those limits, that the bill's definition of "high earners" encompasses less than 5 percent of all taxpayers, and that the median sales price of existing single-family homes in the U.S. was only $170,700 in March 2010, the Medicare tax will likely affect only a small percentage of home sellers when it is implemented in 2013.â€
There are many additional questions answered in detail at : http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument.