The Good News for Homeowners
Tax rates would remain the same for most households and mortgage cancellation relief is extended.
The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.
The tax rate on capital gains would also remain the same, at 15 percent, for most households, but for those earning above the $400,000-$450,000 threshold, the rate would rise to 20 percent.
Also extended are deductions for mortgage insurance premiums and for state and local property taxes, which, along with the mortgage interest deduction, are important tax considerations for home owners and buyers.
So buying and selling a Home in 2013 looks like a GREAT deal all around .Also if you're facing behind on your mortgage and facing foreclosure now is the time to act as banks maybe a little slow to get the foreclosure process started post all the new tax reforms but it will start and the foreclosure holiday hold has been lifted by many lenders as of January 02 2012
Keller Williams Atlatna Partners Team Leader
Renaissance Realty Group 770-277-6652 ext 100 fax 404-348-4507