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REALTORS® Oppose Funding Payroll Tax Cut On the Backs Of Homeowners
On Saturday, December 17, the U.S. Senate approved a two-month extension of a payroll tax cut that is due to expire at the end of December. But did you know that as part of the Senate’s proposed plan, the cost will fall on people who buy a house or refinance their mortgage starting in 2012?
The proposal is found in H.R. 3630, the “Middle Class Tax Relief Act of 2011.” Under Title...
The 3.8% Investment Income Tax Is Not a Real Estate Transfer Tax
Shortly after the federal government enacted sweeping healthcare reform in 2010, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013.
Among the concerns expressed by consumers and real estate professionals, both then and today, is that the tax...
Preserve, Protect and Defend the Mortgage Interest Deduction
As REALTORS®, you know there are many advantages to owning a home. One of the biggest benefits comes every April 15, when millions of homeowners deduct the interest on their mortgages. According to tax research firm CCH, the average homeowner deducts more than $10,000 in mortgage interest. For a taxpayer in the 25% tax bracket, that results in a tax savings of $2,500 on the homeowner’s annual...
