What The "Fiscal Cliff" Deal Means to LOUDOUN COUNTY, VA Homeowners
In light of the deal Congress and the President reached to avoid the "Fiscal Cliff", NAR has listed the following Issues Brief. This is just a summary of those things that pertain to us as REALTORS®. If your clients have a question about what this means to them, you should always direct them to their legal and financial counsels. However, this information is important for us to know as we guide them through their real estate transactions. Below the summary, I've posted a full copy of the bill.
On January 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama.
Below are a summary of real estate related provisions in the bill.
Real Estate Tax Extenders
- Mortgage Cancellation Relief is extended for one year to January 1, 2014
- Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
- Leasehold Improvements: 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
- Energy Efficiency Tax Credit: The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
Originally posted at EliteScoop.com
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