Housing Myths Busted!

Two e-mail chains are spreading misinformation about pending legislation. One claims that the energy bill that's working its way through Congress would require home sellers to obtain an energy audit or make energy retrofits before they can sell their home. In reality, the bill includes a provision that requires new construction to be energy-labeled but prohibits states from requiring new ratings when the house is resold.

The second e-mail states that the health care bill contains a 4% transfer tax for some high-income households that have "net investment income." The tax, which goes into effect in 2013, applies only to households with adjusted gross income of more than $250,000 or $200,000 for individuals. Also, since the the capital gains exclusion rule is still in effect, the tax would be charged only on home sale proceeds that exceed the exclusion amount of $500,000 or $250,000 for individuals.

Remember folks, knowledge is power!