There have been several emails sent out over the past few months that provided inaccurate information about the upcoming 3.8% Health Care Capital Gain Tax. Although many people may not be affected, many will. The National Association of Realtors has provided us with a brochure that may answer many questions you may have regarding the upcoming 3.8% Tax. read below....
To my neighbor's Diego and Orange county homeowners, and all the other homeowners in the U.S.A,
beginning January 1, 2013,
A new 3.8 percent tax on some investment income will take effect.
Since this new tax will affect some real estate transactions, it is important for buyers and sellers
to clearly understand the tax and how it could impact your decisions.
It’s a complicated tax, so you won’t be able to predict how it will affect every buyer or seller.
Understand that this tax WILL NOT be imposed on all real estate transactions,
a common misconception. Rather, when the legislation becomes effective in 2013,
it may impose a 3.8% tax on some (but not all) income from interest, dividends,
rents (less expenses) and capital gains (less capital losses). The tax will fall only
on individuals with an adjusted gross income (AGI) above $200,000 and couples
filing a joint return with more than $250,000 AGI.
To get you up to speed about this new tax legislation, the NATIONAL
ASSOCIATION OF REALTORS® has developed an informational brochure.
Please call or email me for your own copy.
On the following pages, you’ll read examples of different scenarios in which
this new tax — passed by Congress in 2010 with the intent of generating
an estimated $210 billion to help fund President Barack Obama’s health care
and Medicare overhaul plans — could be relevant to your buying and selling decisions.
Thank you for reading,
Sincerely,
Angélique Kenney
Realtor® for Professional Athletes, CRS, GRI, e-Pro, SFR, ILHM member, SSR.
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Prudential California Realty & SportStar Relocation San Diego
7030 Avenida Encinas | Suite 100 | Carlsbad, CA, 92011 | USA
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