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'Fiscal Cliff' impacts real estate
I recently received an article from the National Association of Realtors regarding the effect of the "Fiscal Cliff" bill passed by Congress and signed by President Obama earlier this month.
This article addressed the bill's impact on real estate for both investors and homeowners. It attempts to clear up many of the misconceptions that exist regarding the bill and attempt to set the record straight. Much of what I write will be a direct quote and hopefully provide important and useful information on any tax consequences.
The law that was passed extends current income tax and capital gains rates for all tax payers with taxable income up to $400,000 for individuals and $450,000 for couples. Several real estate related tax provisions were also extended including a one year extension of the Mortgage Debt Forgiveness Act that exempts loan amounts forgiven by lenders in short sales and foreclosures from being included in taxable income.
.....For the full story, subscribe to the The Ouachita Citizen's NEW E-Edition!
Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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