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Now
that we are well into 2013, there will be some changes to our real estate
outlook with some familiar programs back in action. With all the talk about the
impending Fiscal Cliff, it is no wonder that homeowners everywhere are
wondering how the outcome will impact them individually.
But
first, we want to congratulate our lucky friends from Facebook that have won
some exciting prizes in our latest drawing! We hope you have a great time
enjoying your prizes and we appreciate your support, keeping up to date with us
on Facebook!
Now,
back to the latest and great news in real estate. Here are three recent changes
and/or updates to the programs available out there that will have a significant
impact on our marketplace this year and moving forward. This is good, folks!
Mortgage Debt
Forgiveness Act Extended Through 2013
On
the minds of many homeowners that have mortgages falling short of the current
value of their homes, the Mortgage Debt
Forgiveness Relief Act was set to expire on December 31, 2012. Among the many
issues discussed within Congress during the last few hours of 2012 was the
extension period of this important tax relief for distressed homeowners.
Primarily as a means to help consumers faced with hardships overcome their
financial difficulties when they incur forgiven debt – the Act serves to waive
tax implications on what otherwise would be considered taxable income.
Private Mortgage
Insurance Tax Relief Now Applies to Fiscal Years 2012 and 2013
Each
year millions of homeowners look forward to the tax relief that comes with
being able to write off their private mortgage
insurance premiums.
By the end of 2012, no one was sure the American Taxpayer Relief Act of 2012
would be extended to include the coming year. Once again, at the final hours of
negotiations the Act was extended through fiscal year 2013 to allow homeowners
paying private mortgage insurance to deduct that amount when filing their
income taxes.
Capital Gains Tax
Rates Increased from 15% to 20%
A
topic of confusion for many, the capital gains tax increase set for higher
income levels is more lenient than most people realize. Though the theory is
that this increase in tax impacts individuals and households with higher income
levels, the truth is the income and gains cap is relatively high. The capital
gains tax increase will only apply to individuals earning an Adjusted Gross
Income of $400,000 or more. Furthermore, people in these income brackets will
incur the capital gains tax only on income earned above and beyond the cap
which is $250,000 or more for individuals and $500,000 or higher for
households.
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If
you would like to discuss these or any other issues in the real estate
marketplace or if you are considering buying or selling a home – contact us
today! We would love to help make your real estate dreams become a reality!
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