Many people don't realize that Obamacare contains a new 3.8% tax on real estate sales.  

It won't effect most people, but it will effect those with upper income.  Add up all of your income from every possible source, and
if that total is less than $200,000 ($250,000 on a joint tax return), you
will not be subject to this tax.

From NAR: 

  1. The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you'll never pay this tax at the time that you purchase a home or other investment property.
  2. You'll never pay this tax at settlement when you sell your
    home or investment property. Any capital gain you realize at settlement
    is just one component of that year's gross income.
  3. If you sell your principal residence, you will still receive the full
    benefit of the $250,000 (single tax return)/$500,000 (married filing
    joint tax return) exclusion on the sale of that home. If your capital
    gain is greater than these amounts, then you will include any gain above
    these amounts as income on your Form 1040 tax return. Even then, if
    your total income (including this taxable portion of gain on your
    residence) is less than the $200,000/$250,000 amounts, you will not pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.
  4. The tax applies to other types of investment income, not just real
    estate. If your income is more than the $200,000/$250,000 amount, then
    the tax formula will be applied to capital gains, interest income,
    dividend income and net rents (i.e., rents after expenses).
  5. The tax goes into effect in 2013. If you have investment income in
    2013, you won't pay the 3.8% tax until you file your 2013 Form 1040 tax
    return in 2014. The 3.8% tax for any later year will be paid in the
    following calendar year when the tax returns are filed.
  6. In any particular year, if you have no income from capital gains, rents, interest or dividends, you'll never pay this tax, even if you have millions of dollars of other types of income.
  7. The formula that determines the amount of 3.8% tax due will always
    protect $200,000 ($250,000 on a joint return) of your income from any
    burden of the 3.8% tax. For example, if you are single and have a total
    of $201,000 income, the 3.8% tax would never be imposed on more than $1,000.
  8. It's true that investment income from rents on an investment property
    could be subject to the 3.8% tax. But: The only rental income that would
    be included in your gross income and therefore possibly subject to the
    tax is net rental income: gross rents minus expenses like depreciation,
    interest, property tax, maintenance and utilities.
  9. The tax was enacted along with the health care legislation in 2010. It
    was added to the package just hours before the final vote and without
    review. NAR strongly opposed the tax at the time, and remains hopeful
    that it will not go into effect. The tax will no doubt be debated during
    the upcoming tax reform debates in 2013.