I’ve received many calls this week at my office regarding the recent agreement the US Congress made which avoided “The Fiscal Cliff”. The majority of these questions focused on how H.R. 8, the American Taxpayer Relief Act of 2012, is going to affect our Real Estate markets.
I’ve come up with a list of items that are outlined in the American Taxpayer Relief Act of 2012 that focuses on home owners.
1. Section 45L of the New-Efficient Home tax credit has been extended until the end of 2013.
2. H. R. 8 will extend portions of the Energy Efficient Tax Credit for existing homes.
3. Mortgage Debt Tax Relief has been extended until the end of 2013.
4. The deduction for Mortgage Insurance has also been extended for the 2013 year.
5. H. R. 8 will also reinstate the Pease, (PEP) phase out for deductions. This applies to married couples.
Please note that all of the items are good news for our housing market, but have only been enacted for a short time. Hopefully, soon, our Congress men and women will be able to come to long term agreements which will go further in helping Americans to recover.
If you have any other questions regarding the above topics, please don’t hesitate to let me know.