The Bailey Team Real Estate ? Impact of ?fiscal cliff? deal for buying ...

As part of the last minute ?fiscal cliff? deal, there are three provisions that impact real estate sellers, buyers, and investors;
1) The Mortgage Debt Relief Act of 2007 was extended to January 1, 2014.
2) Extends law which allows for the deductibility of mortgage insurance premiums.
3) Capital gains increase limited to those with an adjusted gross income above $400,000 and gain more than $250,000 from the sale of the property.
Of course, the Mortgage Debt Relief Act of 2007 was only extended for one year so the resolution gives homeowners only temporary relief.?? An ever bigger issue of whether the mortgage interest tax deduction will survive was not dealt with and most assuredly will be part of the upcoming long-term debt reduction discussions.

This entry was posted on Thursday, January 3rd, 2013 at 1:24 pm and is filed under Home Buyer Information, Home Seller Information, Housing Market Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Source: http://thebaileyteam.net/2013/01/03/impact-of-fiscal-cliff-deal-for-buying-and-selling-homes/

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