Home Owners Should Be Aware...

[retsupt99]

If you own a home, Please read this.

THIS WILL BLOW YOU AWAY !!!!!

The National Association of REALTORS is all over this and working to get it
repealed, before it takes effect. But, I am very pleased we aren't the only
ones who know about this ploy to steal billions from unsuspecting
homeowners.

Did you know that if you sell your house after 2012 you will pay a 3.8%
sales tax on it? That's $3,800 on a $100,000 home, etc. When did this
happen? It's in the health care bill and goes into effect in 2013.

If you sell a $400,000 home, there will be a $15,200 tax.


This bill is set to screw the retiring generation who often downsize their
homes. Does this make your November and 2012 vote more important?

Info on Medicare costs was corrected by ret...I should have checked Snopes first...see post #7...

[DefensiveCarry.com]

[gasmitty]

Ret, check Snopes on this one. Yes, it's true, but there are income and profit thresholds. Your $100K primary home won't have a $3800 tax levied on it.

The politics and timing behind it are most likely true as stated.

[Spirit51]

As Pelosi said "Wait until it passes and then you will find out what is in it." Good reason to get this bomb over turned. Think about THAT when you vote in November. And for God's sake VOTE.

[Hopyard]

The per person Medicare Insurance Premium will increase from the
present Monthly Fee of
$96.40, rising to: $104.20 in 2012 $120.20 in 2013 and $247.00 in 2014."

If part of something you read isn't true, it is wise to consider how much of the rest of it is true.

The present 2012 Medicare part B cost is lower than what is given above. I'm looking at my statement
as I type.

No one can tell you what it will be in future years as the calculations are done on an annual basis to take cost and inflation into consideration. The $247 in 2014 seems entirely fabricated.

Gasmitty already pointed out that there are thresholds, and no, you won't be paying tax on the sale of your
primary residence if it is worth 100K, at least not unless there are very unusual circumstances.

The 3.8% they are talking about is on investment income, or unearned income, and high total income thresholds,
above 250K for a couple. Also, "Under 26 U.S.C. §121[5] an individual can exclude up to $250,000 ($500,000 for a married couple filing jointly) of capital gains on the sale of real property if the owner used it as primary residence for two of the five years before the date of sale." So no, you won't be paying nearly 4 K in taxation on the sale of a 100K home
if you actually lived in it.

The bottom line on Medicare tax increases - Mar. 22, 2010

I'm not going to be worrying about that tax. Don't worry about it unless your wife has a very rich
old Aunt.

[Rock and Glock]

OK folks, I am cleaning up all of the "Political Comments" so please take a rest. Let's keep the politics out of this pretty please........

I didn't send out any warnings or anything so relax.

THANK YOU!

[msgt/ret]

As Pelosi said "Wait until it passes and then you will find out what is in it." Good reason to get this bomb over turned. Think about THAT when you vote in November. And for God's sake VOTE.

You hit the nail on the head, at 2500+ pages there will be even more to discover as it is implemented.

[retsupt99]

O.K., I stand pleasantly corrected.
After using Snopes...I should have gone there first, I did see the proposed increases for Medicare through 2020...approximately $6-$8 per month. Makes me feel much better.
Sorry guys, I jumped out of my chair...I should have known better.

I have not sought out the 3.8% tax on house sales yet...

[gunthorp]

I live under the bridge to the future, but no one will buy it.

Be careful of Snopes; it is very left leaning.