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This new healthcare tax could hit you in an unexpected place

 
waht

User ID: 24118278
United States
10/04/2012 06:06 PM
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This new healthcare tax could hit you in an unexpected place
... The housing market may indeed be recovering, as many experts suggest, but investors are still struggling to understand what, if any, taxes they'll owe upon selling their homes.
At issue is how the new "Medicare tax" will apply to real-estate transactions.

Passed in 2010 to help fund the health-care overhaul, this 3.8% surtax kicks in next year on many forms of investment income – including some interest, dividends, rents, and capital gains.

While its effect on home sales won't be as far-reaching as many fear, the Medicare tax could pack a punch for certain investors. It is not a sales tax. And it won't apply to home-sale gains excluded from income under current law. But it could affect investors with outsize gains or gains from the sale of a vacation home or investment property.

Determining whether you will be subject to the tax is no easy matter.

"The confusion lies in the fact that it's not a yes or a no..."

[link to www.economicpolicyjournal.com]
Anonymous Coward
User ID: 2162510
United States
10/04/2012 06:21 PM
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Re: This new healthcare tax could hit you in an unexpected place
... The housing market may indeed be recovering, as many experts suggest, but investors are still struggling to understand what, if any, taxes they'll owe upon selling their homes.
At issue is how the new "Medicare tax" will apply to real-estate transactions.

Passed in 2010 to help fund the health-care overhaul, this 3.8% surtax kicks in next year on many forms of investment income – including some interest, dividends, rents, and capital gains.

While its effect on home sales won't be as far-reaching as many fear, the Medicare tax could pack a punch for certain investors. It is not a sales tax. And it won't apply to home-sale gains excluded from income under current law. But it could affect investors with outsize gains or gains from the sale of a vacation home or investment property.

Determining whether you will be subject to the tax is no easy matter.

"The confusion lies in the fact that it's not a yes or a no..."

[link to www.economicpolicyjournal.com]
 Quoting: waht


So, if you're selling a house (most likely a second home or investment property since one's own residence usually doesn't count) with capital gains (profit after expenses) of $100,000, you'll have to pay $3,800. Doesn't sound life-threatening or particularly applicable to most of us.

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