The decisions have been made and Congress has passed the 2013 American Tax Relief Act. As a result, we did not plunge over the “Fiscal Cliff.”
With this new law, many are asking me, “How does the Fiscal Cliff/American Tax Relief Act affect Real Estate in Charleston, SC?” In answer to this question, there are four major areas that are going to affect South Carolina homebuyers/homeowners in 2013.
How does the Fiscal Cliff affect SC Real Estate?
1. Good News – Mortgage Forgiveness Debt Relief extended through 2013 In 2007, a mortgage debt relief provision was added to the tax code that allowed people with underwater mortgages to negotiate a short sale with their banks without having to count the difference in cost as income. This was set to expire at midnight December 31st. Continue Reading...
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