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Effective Jan. 1, a new federal levy on certain real estate transactions will cost some homeowners thousands
Area residents looking to buy or sell a home should note that beginning Jan. 1, 2013, a new 3.8 percent federal tax applies to certain real estate transactions.
Enacted by Congress in 2010 to help fund the Obamacare initiative, the tax is expected to generate $210 billion over the next 10 years and cost some home buyers and sellers thousands of dollars.
Struggling to find money to pay for President Obama’s massive health care legislation, Congress adopted the tax in eleventh-hour negotiations. The tax was quietly slipped into the bill, and not discussed or reviewed until hours before final debate on the health care legislation began.
The National Association of Realtors (NAR), which unsuccessfully lobbied against the tax, calls it a “complicated” provision that will affect individual buyers…
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