The current incarnation of ObamaCare has a little-understood, and often mis-represented, provision for a 3.8% sales tax on home sales. The fear is that this is just 'one-more' tax that will eat into what we've managed to hold onto through the years, over and above the capital gains tax. (Note: The familiar capital gains exclusion of $250K, $500K for married couples, doesn't apply for second homes.) A deeper understanding of this provision should give many of us (but not all) a bit of relief, since only the top earners are directly affected. Unfortunately, second home owners will more likely fall into this group. Like most tax provisions, the details will make your hair hurt, but you ought to see how it'll affect you. Read this article from Inman News... Here.
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