Not sure if you got one of these emails:
“Another Obama Nightmare. Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home etc. When did this happen? It’s in the healthcare bill. Just thought you should know.”
I’ve heard this from a few people. Love or hate the healthcare bill, this rumor is misleading… but with a bit of truth.
It sounds like it’s a tax specifically on home sales that applies to everyone selling a home. The truth is:
– It’s a tax on all investment income, be it from the sale of real estate or another investment
– For most people selling their primary residence, the first 250K (singles) or 500K (couples) of gain is tax-free
– The tax applies to singles earning over 125K/year and couples earning over 250K/year
Bottom line: it’s NOT a home sale tax per se, but some people WILL indeed pay additional taxes on their San Diego home sales.