Congress heard the voice of the real estate industry! With the passing of the bill that averted the “fiscal cliff,” Congress made several concessions that are quite favorable toward the housing industry. Included in the bill are a number of real estate tax breaks and credits that most notably include a year-long extension of mortgage cancellation relief for homeowners and sellers, a deduction for mortgage insurance premiums for filers making below $110,000, as well as a 10 percent tax credit for energy improvements to existing homes. In addition, there are only minimal changes to the tax exclusion for gains on the sale of a principal residence. To read the full summary from the National Association of Realtors, Click Here
No comments:
Post a Comment