Selling Second Home? Get Ready to Pay Obamacare Tax as Part of Sale

Apparently Nancy Pelosi was correct.  We needed to pass the Affordable Health Care Act in order to find out what was in it.  And the more we find out, the more we learn how laden the bill is with taxes.

Syndicated columnist Susan Tompor writes, starting in 2013, if you are in a certain income bracket and sell a second or vacation home, you will have to pay a 3.8 percent tax labeled a Medicare contribution tax.  Although the tax would effect those earning more than $200,000 as single filers or $250,000 as joint filers, the tax could also effect those who make less, if they should realize a big gain, through the sale of a home.

Other taxes and fines?  There are many, but good luck finding a one stop shop of information on those taxes.   The search engines have pages listed on positive stories about Obamacare, especially if you enter “taxes under Affordable Health Care Act.”  So do the research.  In many cases, the boondoggle has just begun.

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