Recently there has been quite a bit of question, and confusion, regarding a new tax in conjunction with the new Federal Health Care Reform Legislation passed in 2010. And people want to know: Does it apply to me? The health care legislation did create a new tax that would apply to a portion of the gain on the sale of any capital asset (including real estate). That tax will apply ONLY to individuals with more than $200,000 Adjusted Gross Income (AGI) (or $250,000 AGI on a joint return). The tax does not apply to any amount excluded from taxation under the $250,000/$500,000 principal residence rules. The tax is never imposed directly on the full amount of any capital gain.
The tax is computed under a multi-step formula that captures only a portion of any gain and will only affect those with total AGI above the amounts noted above. Here are the Links that the National Association of Realtors provided for a Q&A on the tax:
The 3.8% Tax: NAR's Q&A