New tax Jan 1, 2013 for sale of rental property? Can't find anything on it? Thanks.

[Dale Watkins]

Can not find anything on new law re: sale of rental prop effective Jan 1, 2013? Thanks for your help.

[David1980]

Likely the 3.8% on investment income passed in the healthcare stuff.

This link seems to have decent information: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_invest_inc_tax_broch.pdf/$FILE/government_affairs_invest_inc_tax_broch.pdf

In a nutshell, 3.8% on investment income for taxpayers with AGI (MAGI?) over $200k ($250k mfj). The tax is only on the amount that exceeds 200k/250k. So it probably could hit the sale of rental property for taxpayers with sufficient income.

[John of PA]

New tax when you BUY Real Estate?

Thank You David. Does anyone know of another new tax in the Health Care Law, a sort of excise tax when you BUY real estate?

[Gary2]

Thank You David. Does anyone know of another new tax in the Health Care Law, a sort of excise tax when you BUY real estate?

Not off the top of my head. But if you ask about it in multiple places, I'm sure the rumor will spread, and eventually someone will describe it as fact, send it to a huge mailing list, and it will be debunked on snopes a month later.

Which is what already has happened with the "home sales tax" myth. See http://www.snopes.com/politics/taxes/realestate.asp .

[joanmcq]

Agree with above. The internet is as great a disseminator of disinformation as it is of information.

[Burke]

Thank You David. Does anyone know of another new tax in the Health Care Law, a sort of excise tax when you BUY real estate?

I don't think so. I have reviewed a lengthy summary of the entire bill and there is nothing in there concerning this.