Did you realize that the Obama Care Bill will tax property owners 3.8% for any real estate transaction to pay for our nation’s health care? Well, it’s true. It starts January 1, 2013. What that means is when you sell your $500,000 home next year, there could be an additional fee of $19,000 payable to the government to pay for the health care program, if your profit from the sale is more then $250,000. This will hurt owners of property in the more expensive areas like San Francisco, New York, Hawaii, and especially retirees. Retirees usually sell their homes to down size and use the rest of the money to enjoy the rest of their lives. With this program, it’s going to eat up a lot of their money and may have to postpone retirement.
If you were thinking of selling your property any time soon, it would be a good idea to put it on the market now to avoid the changes. Don’t forget, we are getting close to Fall and the holidays.