3% Tax @ Home Sales? C’mon, Err’Body.

For months now I’ve read comments on Facebook and been told on numerous occasions that, “If Obama is re-elected they’re gonna tax the sale of your house at 3% to pay for Obamacare,” or ,” If you don’t ‘close’ in 2012 you’re gonna be taxed at 3% of your sales price.” Since it’s late I’ll get right to the point; Debunk, not true, debunk, not true.

Just for kicks, here’s Snopes.com . Here’s www.factcheck

As you can see from the links above, this issue is a complex mathematical thing that includes a large gross income of total investments, expenses (mortgage, rent, advertising, miles, etc), marriage, divorce, dependants, other gains/losses, and on and on and on, depending on each individual’s situation. I short, there is no 3% sales tax if you sell your home.

While I’ve been asked about this time and again, what shocks me most is when some of Columbia’s top REALTORS try to use this as leverage against me and my sellers. One example that comes to mind is when I was negotiating a closing date of a sale in Shandon. I was in the car on my way out of King’s Grant when a buyer’s agent emphatically explained to me, “If they don’t figure it out in Washington, your sellers better close in 2012 or they’ll be taxed at 3%.” I took my phone off of my ear, looked at it, and put it back. I said, “That’s not true.” Her answer was, “Oh, it’s true. That’s happening.” As to not let the deal get toxic I held my tongue, hung up as fast as I could, and sprinted to the office to email her the links above.

My Broker(s) in Charge, and the Coldwell Banker national franchise has very much made us aware of this false rumor. Even though I’ve been privy of the truth all along, I’m appreciative that our brand, along with the National Association of Realtors, has been proactive in their efforts regarding the situation.

Let me type it like this. If the, “Obamacare 3.8% tax” on homes sales was true, I’d be seeking a new line of work.

Thank you!



  1. Carol Garrick says

    Thank YOU, Franklin (for having common sense….and sharing it)! :o)

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