New 3.8% Investment Income Tax Facts…Effective January 1, 2013:

Many Lake Tahoe real estate owners have been wondering how the new Investment Income Tax may affect them. There has been a lot of misinformation disseminated about a new 3.8% income tax that may impact some sellers of Lake Tahoe real estate and other real property.  To correct many of the misconceptions about this topic, the National Association of Realtors created the Q & A which makes it clear that there is NO 3.8% “real estate sales tax” or “transfer tax” as a result of either the 2010 health care reform or any other new federal law.  The truth is that for some real estate sales including Lake Tahoe real estate sales that take place on or after January 1, 2013, high-income sellers may have to pay an income tax of 3.8 percent on some of their investment income.

Call Olja Mihic, Lake Tahoe Realtor with further questions.

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