In recent months any owners of Orange County real estate have received viral emails warning of an across-the-board tax on all home sales in 2013. Basically the message ominously states that all real estate sales will be subject to a 3.8% federal tax and often warns of a $15,000 tax on a house selling for $400,000.
While much of the emails are politically motivated and some simply the result of misunderstanding the Health Care and Education Reconciliation Act, which President Obama signed into law on March 30, 2010, the result has been fear and confusion on the part of owners of Orange County real estate who may be planning to sell their property in the future.The facts:- According to the National Association of Realtors® (NAR), there is a new real…