There has been much discussion and general confusion about a tax on real estate from the new Obama health care law that is scheduled to go into effect this coming year. The following is a list of ten things you need to know about the health care tax on real estate as recently researched and published from NAR - National Association of Realtors®. NAR has prepared a guide "Top Ten Things About the 3,8% Tax". Be advised to check with your tax professional about how this tax effects you.
1) When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will NOT be subject to this tax.
2) The 3.8% tax will NEVER be collected as a transfer tax on real estate of any type, so you’ll…
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