How Does the 3.8% ObamaCare Tax Affect Real Estate?

In an effort to keep everyone who has an interest in real estate informed, here are a couple of links to information about the Health Care Reform Act (aka ObamaCare) tax that a lot of people are talking, and have misconceptions, about. It is opposed by the National Association of Realtors. It was added  into the health care law at the last minute and was never considered in hearings. The tax will no doubt be debated during the upcoming tax reform debates in 2013..

This is a video of NAR's director of tax policy, Linda Goold, who does a great job of explaining how the tax will affect real estate sales.

http://www.youtube.com/watch?feature=player_embedded&v=27T9adAq7oc

Here is the Ten Top Things You Need to Know About the 3.8% Tax

http://www.ksefocus.com/billdatabase/clientfiles/172/4/1609.pdf

Basically it will not affect 98% of real estate transactions. It may affect people who have rental income and gains from the sale of investments if they have an adjusted gross income of over $200,000 ($250,000 if married).

Jim