On January 1 both the Senate and House passed legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on January 2.
Here are a few of the real estate-related provisions in the bill:
- 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.
- 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
Find out more... Other provisions include cost recovery for qualified leasehold improvements on commercial properties, permanent repeal of Pease Limitations for 99 percent of taxpayers, as well as slight changes to capital gains and estate taxes. For more details, contact a member of the NAR Media Team or visit www.nar.realtor/articles/real-estate-provisions-in-fiscal-cliff-bill.