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3.8% Nationwide Tax on Real Estate?

3.8% Nationwide Tax on Real Estate?

Yesterday afternoon one of my closest friends (and client) emailed me explaining that if you sell your house after 2012 then you will have to pay a 3.8% tax on the sale of the real property. The tax shall be used to supplement “Obamacare”. The email reads as follows:

Did you know that if you sell you 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. Just thought you should know. SALES TAX TO GO INTO EFFECT 2013 (Part of the HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections? REAL ESTATE SALES TAX So, this is “change you can believe in”? (the previous email was typed verbatim from what I received, although it did continue with additional prpoganda…)

Sarcasm to follow –> I felt very comfortable with the email I received because the person who sent it to my friend stipulated at the beginning of the email that he “…checked this one in snopes and confirmed that this is really in the Obamacare bill.” When my friend told me he sent me the email I told him that according to Snopes.com it is only partially truthful.

The Truth –> Yes it is true that there is a tax provision in the bill. The tax, however, is not as eluded to above which infers that there’s a 3.8% tax on ANY real estate transaction. The fact of the matter is that if an individual has a capital gain exceeding their exemption amount of $250,000 on an investment ($500,000 for a couple) then the gain in excess of their exemption would be taxable at 3.8%. By the way, the information regarding the actual tax obligation is written VERY clearly at Snopes.com — the individual who sent my friend the email was either irresponsible in sending out the manipulated email or he was trying to scare my friend into voting President Obama out of office in 2012. Pretty sneaky!

I am not going to open Pandora’s Box and discuss whether I agree with such a tax. I am also not going to get into a discussion regarding politics. What I feel is important, however, is that people know the truth about the actual details of such a tax.

I first started receiving this 3.8% Tax Email around 1 year ago. I have since received it on several additional occasions and each time the email is exactly the same as the one I received yesterday. The misinformation regarding the tax has gone viral.

As a Real Estate Professional how do you think a viral email like this can affect the real estate industry. Will people be apprehensive in selling their homes because they have been fed wrong and untruthful information regarding this tax? The impact may be potentially VERY harmful to the real estate industry and the economy as a whole.

In my humble opinion, I feel that it is very important to “get the word out” and educate the consumer about the misinformation regarding this tax as the potential impact could be harmful to the real estate industry and to our economy.

Rick Schuster

Licensed Real Estate Broker – Jaycee Realty, Inc.
Licensed Title Insurance Agent – Home Guardian Title, Inc.
Licensed Mortgage Broker – Leading Edge Mortgage Corp

20283 State Road 7 – Ste 400
Boca Raton, FL 33498

561-206-2835 – via Google Voice
561-988-2546 -Fax

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