2008 NAR Policy Accomplishments - Tax Policy
- Created a $7500 first-time homebuyer refundable tax credit.
- Established an additional standard deduction ($1000 on joint return/$500 on single) for property tax for those who do not itemize deductions.
- Amended FIRPTA rules permanently so that sellers need not disclose Social Security number to buyers at settlement on residential property.
- Renewed and extended through 2009 the 15-year life for leasehold improvements.
- Renewed and extended through 2009 the deduction of brownfields cleanup expenditures.
- Extended through 2012 the mortgage cancellation tax relief.
2008 NAR Policy Accomplishments>
