Realtors debunk all-encompassing home sale tax rumor

The unsolicited chain email, sent from "Michael W, Realtor," said, "If you sell your $400,000 home, there will be a $15,200 tax," and blames it on a provision of President Barack Obama's health care reform. Although there is a new capital gains tax two years down the road for some high-end home sales, the untrue assumption of an all-inclusive home sales tax has been surging on Internet blogs, in outraged email letters and even has been mentioned in some news forums, such as "Fox & Friends. The NAR got so many inquiries that it created a brochure to set the record straight. However, the new tax that will apply to a portion of gains on high-profit home sales by high-income owners takes effect in 2013 and is expected to help raise money to pay for the health care plan. Individual homeowners are allowed to exempt from taxes up to $250,000 in gains from a home sale and couples can exempt up to $500,000, said Spence Shumway, founder of the accounting firm StoneBridge. Agents are ready to explain, but he fears the rumor might prevent sellers or buyers from acting. Study the real cost - 10/17/2011Democrats seek probe of new debit card fees - 10/17/2011Bank penalties a Band-Aid for housing woes - 10/17/2011Realtors debunk all-encompassing home sale tax rumor - 10/17/201130-year fixed mortgage rate rises to 4. Realtors