Industry News
January 15, 2013
New Medicare Tax on Real Estate
Beginning in 2013, the Affordable Care Act imposes a 3.8% tax on "Net Investment Income". The IRS recently issued proposed regulations to implement the new tax although the regulations are effective January 1, 2014. However, taxpayers may currently rely on those proposed regulations. A gain on a primary residence is subject to the tax except to the extent the gain is otherwise excluded from gross income.
