Registered: Jun 2003
Location: Tennessee
Posts: 3234

Any of you see this? This will slow down the housing market comeback. It will also rise the cost of home prices. Sellers aren't going to pay the Gov this tax with out a return and guess whos going to miss out? Our new home buyers that's who. Doe this not piss anyone off like it does me?

A provision of "Obamacare" health care legislation creates a 3.8% Medicare tax on real estate transactions.

Snopes.com

3.8% tax on real estate transactions

Under the new health care bill - did you know that all real estate transactions are subject to a 3.8% "Sales Tax"?

You can thank Nancy, Harry & Barack (and your local Congressmen) for this one.

If you sell your $400,000 home, this will be a $15,200 tax.

Remember Obama’s battle cry — take from the workers and give to the drones.

TAX ON HOME SALES

Imposes a 3.8 percent tax on home sales and other real estate transactions.

Middle-income people must pay the full tax even if they are "rich" for only one day — the day they sell their house and buy a new one.

Read more at http://www.snopes.com/politics/taxe...o804kSckpsEV.99

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Tan
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Registered: Nov 2005
Location: minnesota
Posts: 3685

quote:

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Originally posted by Lee Stocking
Any of you see this? This will slow down the housing market comeback. It will also rise the cost of home prices. Sellers aren't going to pay the Gov this tax with out a return and guess whos going to miss out? Our new home buyers that's who. Doe this not piss anyone off like it does me?

A provision of "Obamacare" health care legislation creates a 3.8% Medicare tax on real estate transactions.

Snopes.com

3.8% tax on real estate transactions

Under the new health care bill - did you know that all real estate transactions are subject to a 3.8% "Sales Tax"?

You can thank Nancy, Harry & Barack (and your local Congressmen) for this one.

If you sell your $400,000 home, this will be a $15,200 tax.

Remember Obama’s battle cry — take from the workers and give to the drones.

TAX ON HOME SALES

Imposes a 3.8 percent tax on home sales and other real estate transactions.

Middle-income people must pay the full tax even if they are "rich" for only one day — the day they sell their house and buy a new one.

Read more at http://www.snopes.com/politics/taxe...o804kSckpsEV.99

---

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patriotism is supporting your country all of the time and your government when it deserves it.
if you think the price of education is high, check out the cost of ignorance!

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Registered: Jun 2003
Location: Tennessee
Posts: 3234

Have to admit I did jump the gun and didn't read this through. I dont agree with it. I dont agree with any new tax until changes are made. That goes with any administration. I dont agree with the 2.3% medical tax and I dont agree like the ACA. BUT thanks for clearing that up.

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Tan
GRNTCH PKC CH Coble & Stocking's Troubadour (Troubles) or (Trubs)

NTCH PKCSilverCH Coble & Stocking's Swamp Rat Poison

NTCH Coble & Stocking's Stinger (GRNTCH Troubles x GRNTCH Fancy)

NTCH ACHA WReserve Team Troubles Trippy
Black & Tan

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Registered: Dec 2008
Location: S.W. Wisc.
Posts: 734

Aint it great. Liberals can only seem to be able to do math when convenient.
Maybe snopes can tell them how WE are going to pay for the aca.
Maybe snopes can tell them how you can add 300 million new insured who are payin (0) and not raise taxes or insurance rates.
Maybe snopes can tell them how much new money the fed has to print to keep up with this deficit spending.
Maybe someday snopes will show a picture of Obama carrying Jimmy Carters lunch.

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Registered: Jun 2003
Location: Central Michigan
Posts: 6544

Lee,

So if a couple makes $45,000.00 each, they can only sell their home for $160,000 to avoid going over $250,000.00 limit.

Looks like it will still affect many of the middle class.

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Larry Atherton

Aim small miss small

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Registered: Nov 2005
Location: minnesota
Posts: 3685

quote:

---

Originally posted by Larry Atherton
Lee,

So if a couple makes $45,000.00 each, they can only sell their home for $160,000 to avoid going over $250,000.00 limit.

Looks like it will still affect many of the middle class.

---

__________________
patriotism is supporting your country all of the time and your government when it deserves it.
if you think the price of education is high, check out the cost of ignorance!

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Registered: Jun 2003
Location: Central Michigan
Posts: 6544

Why Ben,

It isn't clear that the $250,000 has to be all capital gains. My understanding that the $250,000.00 mark is just taxable income, and once that level has been breached you are open for the capital gains tax. After all the President has used that figure to describe the wealthy many times.

A household with two working should have some investments and/or taxable income.

Explain to me.

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Larry Atherton

Aim small miss small

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Registered: Nov 2005
Location: minnesota
Posts: 3685

Larry, the home that you live in is not considered "investment property". This tax is only on properties that you own as an investment, properties that you own and control as a money making venture. The exception to that is if your primary residence increases in value by more than 500,000$. So if you buy a home for 500k and later sell it for 1.1mil, and this home was your primary residence, you would be taxed on the amount of the increase in value that is over and above 500k. So in this case you would have realized 600k of gain, so you would be taxed on 100k of that.
If you bother to read the entire snopes article it lays it out in pretty plain language.

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patriotism is supporting your country all of the time and your government when it deserves it.
if you think the price of education is high, check out the cost of ignorance!

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