Under the new health care bill all real estate transactions will be subject to a 3.8% Sales Tax. The bulk of these new taxes don't kick in until 2013. That's a $3,800 tax on a $100,000 home. If you sell your $400,000 home, there will be a $15,200 tax. This bill will most negatively affect the retiring generation who often downsize their homes. (http://www.businessweek.com/news/2010-03-18/health-bill-said-to-add-3-8-medicare-tax-on-unearned-income.html)
"Any tax on the Real Estate industry right now or in the next 3-5 years will not only hurt an already decimated market, but will also deter even more people from trying to purchase or sell a home. It is just bad business." Said a Fidelity National Title representative, Maricopa County.
www.fntarizona.com
480-214-450
info-fntarizona@fnf.com
Friday, November 5, 2010
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