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Tax Reform
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Wealthy home owners who were trying to beat the fiscal cliff helped send luxury home sales soaring at the end of 2012.
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Fears over the expiration of a tax break for mortgage debt sent home owners scrambling to complete short sales by the end of the year. But a one-year extension came just in time for them.
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The Mortgage Forgiveness Debt Relief Act of 2007 is days from expiring, potentially having a "chilling effect on home owners considering a short sale," housing analysts say.
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Extending tax relief on debt forgiveness is "a high priority," HUD Secretary Shaun Donovan said.
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Real estate professionals are rushing to get short sales completed before the end of the year because of the possible expiration of the Mortgage Debt Forgiveness Act on Dec. 31.
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One of the country's most widely respected political commentators told attendees at the 2012 REALTORS® Conference & Expo to prepare for the possibility that the mortgage interest deduction may change.
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Mortgage rules being drafted by federal banking regulators came under the spotlight last night in the first election debate between President Barack Obama and his Republican challenger, former Massachusetts Gov. Mitt Romney.
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On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) extending the Bush-era tax rates and a host of other expired and expiring provisions. Learn about a few key provisions of interest to REALTORS®.
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Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth.
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Following the release of the Deficit Reduction Commission’s report, which recommends scaling back the mortgage interest deduction, the National Association of Realtors® is warning Congress of the potentially devastating effects of such change on American families and the economy. As part of this effort, NAR placed an ad in several prominent Capitol Hill publications.