I found this article written by HEATHER ELIAS who is the Director of Social Business Practice at National Association of Realtors. As I more than occasionally get questions about the ObamaCare 3.8% Tax on the “sale of Palos Verdes homes and South Bay homes”, I thought I would just distribute her article word for word with all the hyperlinks active. This way, you can get the straight unfiltered information. Hope this helps clear up questions. Personally, I believe this to be an onerous tax, but you can, of course, decide for yourself.
Last week, I wrote a post here about the 3.8% tax that is part of the Health Care Reform Act, which passed in 2010. There have been numerous emails circulating that mischaracterized how the tax worked, and here at NAR we wanted to help people understand it better. The post created a flurry of comments, and I thought we would address some of the points raised directly. (I’m taking some of my clarification points directly from The Top 10 Things You Need to Know about the 3.8% Tax.)
Here is a video with NAR’s director of tax policy, Linda Goold, that does a very good job of explaining: And here are some more resources that could help explain: |
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+George Fotion | ||