Obama Health Care Reform Imposes 3.8% Tax on All Income from Home Sales and Home Rental Income (update 2)
The news about Obama's health care reform just keeps getting worse -- and we only find these things long after the bill has passed, of course. The newest revelation concerns a 3.8% tax on income from home sales and home rentals which will go into effect in 2013. (Note: This story has been updated to clarify who the 3.8% tax impacts, see below.)
Depending on your income level, this could end up costing you thousands of dollars from the sale of a home (even if you're a middle-class income earner). It would also place a tax burden on all rental income from any home you might rent out to others.