Health Care Plan: 3.8% Tax on Real Estate Home Sales

By
Real Estate Sales Representative with Kennewick Richland (and West) Pasco WA Homes For Sale

That Sinking FeelingThe Spokesman Review: "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."

The Spokesman Review is a Spokane Washington news source. The article is a must read for anyone interested in the consequences of Obama's health care solution. The article cites 19 new taxes we will be paying, most of which I was not aware of. And, I tend to be a news junky! In the article, Nancy Pelosi is cited as stating, "We have to pass the bill so that you can find out what is in it …" Well, find out we are! The article exposes likely taxes on all sorts of items folks will pay attributed to the new health care bill.

3.8% on home sales? You've got to be kidding me. Doesn't our housing market need to be stimulated. Hmm, it will be stimulated unfortunately in the wrong direction.

4/8/2010 Update: Since posting this article, there has been a correction made to the original article.  As it turns out, the tax increase will not effect most of us.  You can read about it here.

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Comments 17 New Comment

Anonymous #13
Anonymous
jobak

My question is this:

We are married and make $100,000 income.  Say we sell our house for a $650,000 profit.  We will pay capital gains taxes on $150,000 ($650,000 minus $500,000 exemption) at the new 20% rate.  Will the IRS now consider that $150,000 as additional income added to our $100,000 totalling $250,000 and now we're subject to the 3.8% healthcare tax?

 

September 04, 2010 03:45 AM
Rainmaker
245,870
Colleen Lane
Kennewick Realtor, 509.438.9344 www.LaneRealEstateTeam.com
Kennewick Richland (and West) Pasco WA Homes For Sale

Not sure jobak!  You would certainly need to seek your financial adviser on this one.  ;)

September 06, 2010 09:08 AM
Rainmaker
466,935
Janice Roosevelt
OICP ABR, ePRO,Ecobroker
SUSAN MANNERS TEAM, Berkshire Hathaway Home Services Fox & Roach
Colleen, glad you posted this and the correction. Good information. Thanks.
September 29, 2010 10:01 AM
Anonymous #17
Anonymous
Bill

 I did some checking on mediamatters.org.....and as usual they defended the liberal attack on American families saying that the letter was completely false.....I wrote the folling comment....

Even if everything you claim is incorrect about the new tax taking effect on home sales after 2013.....the ugly truth is this....when has the government ever stopped increasing a tax after they get it written into law....The social security tax....started out as a small small amount from everyones paycheck and has grown to what it is today.......and is it to take care of them when they retire and get older....ooooops guess not.....it has been raded for years since a democrat put it into the general fund..  Democrats....get a tax started on the premise it is small and wont effect everyone....and before you know it....or when no one is paying attention..........BOOOM....they have changed the rules.....changed the format.....changed the percentage......and if you didnt have your head stuck so far up this Presidents rear end you would realize that is the truth.....and make a stand and do something to protect the American people instead of protecting your liberal ideology and the novice you put in office.   What this country needs is less taxation not more...explain it away however you want......it is all a pile of bull...that only stands to multiply

January 30, 2011 09:37 AM
Rainmaker
45,041
Elizabeth Bouchard
Associate Broker in Northern Virginia
Long & Foster Realtors

I know this is an old post but just ran across it as we are nearing the effective date for some of the health care reform.  Too many people (agents included) have misunderstood the tax and assume that every home sale with have an additional 3.8% tax.  Glad the facts were outlined here.  Very few people will have any additional tax at all, and if they do it is because they are in upper income brackets and made more than the $250,000 or $500,000 capital gain allowed on a primary residence.

September 19, 2013 12:11 PM
Rainmaker
245,870

Colleen Lane

Kennewick Realtor, 509.438.9344 www.LaneRealEstateTeam.com
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