Fiscal Cliff bill: what does it mean for housing

January 8, 2013

The National Association of REALTORS  is applauding the resolution of the  “fiscal cliff” crisis and has produced a list of what passage of the bill means to housing.

To quote NAR:

— Mortgage cancellation relief has been extended until Jan. 1, 2014.
— The deduction for mortgage insurance premiums is extended for taxpayers making less than $110,000 and is retroactive to cover 2012.
— The 10 percent energy efficiency tax credit is extended through 2013 for homeowners making improvements to existing homes.
— The capital gains tax rate remains at 15 percent for individuals making $400,000 ($450,000 for joint filers). The $250/$500k exclusion for the sale of a principal residence remains in place.
— The first $5 million in individual estates and $10 million for family estates are now exempted from the estate tax. After that, the rate will be 40 percent, up from 35 percent.

A more detailed article can be found at Realtor.org

Contact First Weber if we can be of assistance to you in your Wisconsin homebuying or homeselling needs.  Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog.

 

photo credit ptmoney.com  http://www.flickr.com/photos/[email protected]/6988272680/

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