A new Real Estate tax tied to health care reform

Yes, there is a provision in the thousands of lines and pages of the health care reform detailing a tax on Real Estate to help fund the cost of this sweeping health care reform. I’m not going to get into the debate here whether or not this health care reform is good or bad for our country in general but you have to be living under a rock to think there will be no new taxes to pay for it. The problem I see is there are very very few Americans that have any idea how this will be paid for or how it will affect their health care needs. I don’t think our government representatives did a very good job explaining all of this to us before passing it into law. Now I will step off my soap box and tell you what I know to be the truth about the new Real Estate tax.

First, despite some press to the contrary, it does not affect all Americans that sale a home. It only affects those who make more than the capital gain limits for exemption under the current primary residence statue of $250,000 single and $500,000 married.

Second, it does not take effect until 2012. For additional information you can review the snopes explanation.

Todd Long
Coldwell Banker United Realtors