fiscal cliff: Mortgages and the Fiscal Cliff: What You Need to Know
- 01/03/13 01:47 AM
The Eleventh Hour save passed by Congress to avoid sending the nation over the fiscal cliff included several important extensions regarding mortgages and the housing market. The end result is good news for buyers and sellers alike, including those opting for short sales.Chief among these is the extension of the Mortgage Forgiveness Debt Relief Act of 2007. This key provision allowed homeowners who obtained debt forgiveness via short sales or principal reductions to be exempt of taxes on the forgiven amount. Originally set to expire on December 31st, the act has now been extended for a full year to January 1st, … (1 comments)
fiscal cliff: Mortgage Interest Deduction Teetering on the Edge of the Fiscal Cliff
- 12/13/12 12:30 AM
One of the many compromises being levied in the discussions on the Fiscal Cliff is whether or not the mortgage interest deduction on income tax should be allowed to continue in its current form.Currently, the mortgage interest deduction allows homeowners to reduce their income tax by the interest paid on mortgage balances up to $1 million as well as on home-equity loans equaling $100,000. Proponents for seeing the mortgage interest deduction removed state that it really only benefits wealthy homeowners, or those who need it the least. However, the National Association of Realtors (NAR) believe that the repercussions of removing the … (32 comments)
RE/MAX Exclusive Collection is a boutique real estate office located in College Park in Orlando Florida. Michael Kara, broker, has over 15 years of experience and closes more pro-consumer short sales than any other Realtor in Orlando.
The Eleventh Hour save passed by Congress to avoid sending the nation over the fiscal cliff included several important extensions regarding mortgages and the housing market. The end result is good news for buyers and sellers alike, including those opting for short sales.Chief among these is the extension of the Mortgage Forgiveness Debt Relief Act of 2007. This key provision allowed homeowners who obtained debt forgiveness via short sales or principal reductions to be exempt of taxes on the forgiven amount. Originally set to expire on December 31st, the act has now been extended for a full year to January 1st, … (1 comments)
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