The political drama for averting the fiscal cliff at the end of the year ended up preserving some excellent financial benefits for both buyers and sellers.Â Here are the highlights:
1. Congress excluded a capital gains tax increase for sale of a principle residence of up to $500,000 ($250,000 for individuals).
2.Â The Mortgage Forgiveness Debt Relief Act of 2007 was extended. This provides reliefÂ when some portion of mortgage debt is forgiven, especially in short sales.
3. Congress extended deductions for mortgage insurance premiums,state property taxes, and local property taxes.
4. The mortgage interest deduction remained untouched, continuing tax relief for homeowners.
As Your Special Agent, I am here in these changing times to help you find the rightÂ home for you, or to sell a property which has served you well, but no longer meets your needs. Â Please let me know how I may assistÂ you or your family and friends with your (or their) real estate needs!