Great news on the legislation front as these developments will assist with the steady recovery in the Real Estate market as we move along in 2013.
Mortgage Cancellation Relief is extended for another year. This enables homeowners to short sale or modify their loans without the burden of a Federal tax on forgiven debt as income.
Mortgage Insurance Deductables remain deductable for filers making less than $110,000/year. This applies to both 2012 and 2013 tax returns
Energy Efficient Tax Credit remains in force for home owners who make energy efficient improvements to their homes. This is a 10% tax credit of up to $500. This has been extended through 2013 and retroactive to 2012.
As with all legislation related to tax issues, be sure to check with your CPA and verify accuracy as well as how these laws impact your finances and your specific situation.
Author:Kevin Kieffer Phone: 925-300-8000 Dated: January 19th 2013 Views: 631 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Compass. His primary focus is the East Bay r...
The EastBayPro Team of Compass Real Estate consist of the following professionals: Kevin R. Kieffer, Broker Associate, Naomi T. Kieffer, GRI, Realtor, Scott & Rochelle Maher, Realtors, Realtor, Matt Rubenstein, Realtor, Ken Wilson, Realtor, Taylor Pollard, Realtor & Heather Gowdy, Realtor. This team is ranked in the top 1% of Contra Costa County and are Five Star Agents as seen in Diablo Magazine - Offices in Walnut Creek & Danville - serving communities throughout the East Bay
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