Who pays now, later
by Bill Roark - posted Thursday, October 18th, 2012 @ 12:13 pm
Now that the Supreme Court of the Land has upheld the Affordable Care Act passed by Congress and signed by President Obama there are many unanswered questions.
One of those questions centers around real estate and the 3.8 percent transfer tax called for in the bill. In the days following the passage of this bill the internet went viral with the information that all real estate transfers would be taxed. We now know that is not true. Here are the facts related to this tax as it is now understood.
It is not a transfer tax on real estate.
The tax will only be applied to individuals whose Adjusted Gross Income is above $200,000 and couples filing jointly with an Adjusted Gross Income above $250,000.
Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at firstname.lastname@example.org.