16 May 2012

Bogus viral email on home sales tax leads to confusion – again

Bogus email from 2010 made misleading claims on a new real estate sales tax

A viral email from 2010 claiming that the "Affordable Care Act" will add a new 3.8 percent sales tax on all houses marketed after 2012 has returned to confuse sellers, according to the Palm Beach Post.

The email claims that a buried clause in the Patient Protection and Affordable Care Act “is set to screw the retiring generation who often downsize their homes.”

The email is correct in that there will be a new 3.8 percent sales tax on homes, but the tax only applies to individuals with incomes over $250,000 or those who make a profit of more than $250,000 on a sale, in which case, only the amount greater than $250,000 will be taxed.

[Palm Beach Post via The Real Deal]

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