Following up on our post a few weeks ago about the "Real Estate Tax" rumors that are currently circulating, recent explanation from the National Association of Realtors gives an in depth explanation of the tax that is included in the new health care bill.

Proclamations that the new health care bill will make all real estate transactions subject to a 3.8% sales tax or real estate tax are untrue. While the health care legislation does contain a variety of new taxes, and one of them (Section 1402) can be influenced, in certain circumstances, by a sale of real estate, it is not a sales tax.

** This is a general summary of this tax and does not constitute tax or legal advice for any particular situation. As always, it is important that you consult with your tax or financial advisor.