1. Mortgage Debt Relief Act has been extended for one more year! This is huge for anyone that is doing a loan modification, foreclosure or in the process of a short sale.
What this means is that if when you go through any one of these processes and the banks release you of the liability that debt is taxable by the IRS. Now the Main Benefit for primary homeowners is the IRS is releasing you of this liability also. This is a huge benefit for homeowners right now!
2. American Taxpayer Relief Act has been extended for 2012 and 2013. It expired in 2011 but it’s retroactive for homeowners. This allows homeowners with mortgage insurance to deduct this from their taxes.
Now homeowners can deduct this which is another big benefit.
3. Capital Gain tax increase for homeowners will be at 20% for indivials that make over $400,000 and $450,000 couples. Now this law won’t affect many people but it was a win for the housing market because most homeowners in Nevada are under this $400,000 cap.
