A little known act which is only now rising to the attention of all of the U.S. coastal cities is now becoming a nightmare to homeowners. The Biggert-Waters flood insurance reform act of 2012 is now set to affect millions of homeowners from the coasts of Maine down to Florida through Texas and then over to the west coast.
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The 3.8% Tax effective January 1, 2013 Beginning January 1, 2013, a new 3.8 percent tax on some investment income took effect. Since this new tax affects some real estate transactions, it is important for you to clearly understand the tax and its impact. It is a complicated tax, so you won’t be able to predict how it will affect every buyer or seller. The tax was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul. Understand that this tax WILL NOT be imposed on all real estate transactions,
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