Does the new health care law impose a 3.8 percent tax on profits from selling your home?
A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.
Snopes Of course,
won't let me cut & Paste their info but they don't mind shoving all
kind of 'pop behinds' & cookies on my computer.
Briefly they say it is "Mostly False." From the same people that
dance around the Obama birth certificate issue.
Truth of Fiction HR-3590 eRumors:
Real estate sales will be taxed 3.8%- Truth!
This is true, according to Congressman
Mark Kirk of Illinois. Congressman Kirk released a statement on
March 21, 2010 on HR-3590 saying that the health care bill will
increase taxes "by imposing a new 3.8% tax on capital gains."
The actual tax increases may be generated by the HR-4872 Reconciliation
Act according a
March 21, 2010 article by Life and Health News Insurance News.
This is also confirmed in a March 25, 2010 article by CNNMoney.com that said, "couples making $500,000 in wages will pay an additional $2,250. If they made $1 million, they would pay an additional $6,750. In addition, high-income households would also be subject to a new 3.8% Medicare tax on investment income starting in 2013."