Check out this informative update from NAR on what’s clearly one of the hottest topics in the industry. You can access the full article here.
Four provisions of H.R. 8, the legislation passed to avoid (for now) the so-called “fiscal cliff” apply to residential real estate. The industry breathed a collective sigh of relief when the mortgage interest deduction was left untouched – for now at least. Of the 4 provisions, according to the NAR article, here’s the impact on our business:
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
- 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties 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