Ed Note: This question came from one of our Pre-License students. It has an impact on all real estate professionals, so we answered that here publicly as a courtesy. If any changes occur to our understanding we will post those as well.
"I have a question pertaining to Unit 3 and the Affordable Care Act 3.8 % surtax. Is that being eliminated with the new tax reform just passed recently under President Trump?"
Note that the ACA was not repealed, so this tax is still on the books with the IRS. However, we have not yet read all 429 pages of the original bill or the notes, associated amendments, or commentary, which appears to amount to a total of about 1700 pages.
BUT... the understanding right now is that only the so called individual mandate (penalty for not having health insurance) was repealed in the new 2017 Tax Bill (which is effective beginning 1/1/18). If that holds, then the associated ACA tax for higher capital gains will still be around.
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