This could be the topic of conversation...you never know!
False internet rumors about “real estate transaction tax."
I went to the dentist today and of course, the topic of conversation always turns to the economy in some way or another. I was talking about the cost of health insurance through my husband's new employer. We also talked about unemployment, etc.
I am surprised, but not surprised that my dentist had heard of that Tax on Real Estate and that sellers are afraid to sell their homes because of that 3% tax. Really? Still? I told him that I did my research too and have an example of what that tax is all about.
There are so many false emails and strange interpretations of this tax law. To top off the drama, we are in an election year - so it's surfacing again.
I printed out the publication and just put it in the mail to my dentist. I hope he's not offended by my effort to show him what I've been reading about. He was convinced that he was right and I'm convinced that I'm right. The language is really hard to understand until you get to the last paragraph. They give an example and it clarifies a situation that could happen. The bottom line for me was that it is NOT a 3.8% sales tax on a home sale.
Only a tax accountant can answer this question for your particular situation, but I wanted to call attention to the fact that an email from 2010 is STILL circulating and people think it's new.
False internet rumors about “real estate transaction tax” worry taxpayers
