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Real Estate Tax Extenders from the “Fiscal Cliff” Episode

Real Estate Tax Extenders

Now that the “Fiscal Cliff” has come and gone, how did Real Estate fair in the negotiations?

Actually, real estate did OK with some tax extenders.  Better than your pay check reductions…

Here’s a summary of the real estate related provisions of the bill in case you’d like to know.

  1. Mortgage Cancellation Relief was extended for for 1 year till January 1, 2014
  2. Deduction for Mortgage Insurance Premiums (MIP) for filiers making below $100,000 is extended
    through 2013 and made retroactive to cover 2012
  3. Leasehold Improvements – the 15 year straight-line cost recovey for qualified leasehold improvments on commercial properties is extended through 2013 and made retroactive to cover 2012.
  4. Energy Efficiency Tax Credit –  the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

Information is from the Metrotex Association of Realtors in Dallas and if you’d like to read more about Pease Limitiations, Capital Gains and Estate Tax click here

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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