'Fiscal Cliff' Real Estate Extenders

Most people are probably relieved that we didn't go over "the cliff." Local Realtor Marilyn Messenger shares how the legislation effects real estate.

Good news for most homeowners, especially people who are in need of a short sale or are going to end up in foreclosure; and people who are planning to buy a home.

Here are some of the details that affect real estate (from the National Association of Realtors website).

Real Estate Tax Extenders:

  • Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
  • Deduction for Mortgage Insurance Premiums for filers making below $110,000
    is extended through 2013 and made retroactive to cover 2012
  • 15-year straight-line cost recovery for qualified leasehold improvements on
    commercial properties is extended through 2013 and made retroactive to cover
  • 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.

Click here to see more details and please contact me if you have questions about home buying or selling.

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