Ouch! Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. This new tax was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans.
And you thought health care would be free? Consider this:
If you live in something other that a tent on the beach, this plan may impact you. Do you rent? The landlord may adjust your rent UP to compensate for more taxes (ie: hidden costs) that they may have to pay.
Do you own property? Do you receive interest, dividends or rents?
The new tax will affect some real estate transactions, it is important for to clearly understand the tax and how it could impact you when you sell your property. It’s a very complicated tax. See your tax professional for advice. If you would like to have the National Association of Realtors brochure, please e-mail me, and I'll send you a copy with a broad explanation of the tax with examples.
This tax takes effect in 2013. Do you remember how fast 2010 went by? Well, this new tax is only 24 months away. Don't be caught unprepared....do your homework and decide what will be best for you with your unique tax situation.
Don't say I didn't warn ya!
No comments:
Post a Comment
I welcome your comments. Please be Courteous and Respectful. Mahalo.