New Health Care Bill does NOT = Tax on Sale of Home for Most

I had my neighbor run over late one evening this week, asking if I knew anything about the “new tax for selling your house in 2011.”  I hadn’t heard anything specific as to what he was mentioning – and so the digging began.  Seems there is a lot of MISINFORMATION out there concerning what the new Health Care Bill is going to cause to happen in 2011.  There IS a provision for a Sales Tax of 3.8% for Medicare Tax IF your Home Sale GAIN is higher than $250,000 for Single Person or $500,000 for Married Couple.  This gets complicated as you can imagine, CLICK HERE to see the PDF with specific answers.  But to answer my neighbor’s question – “NO, you won’t have a “new” tax to worry about if you sell your home.”