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Tax Issues on The Horizon

Hidden Property Taxes Are you frustrated with your rising property tax bill? Are you wondering how your elected officials keep promising no major tax increases, yet your tax bills continue to rise? If you are asking these questions, you are not alone. Mention your tax bill to a group of homeowners and you will find yourself joined by a chorus of frustrated Texas property owners. Texas has one of the... 

Take Action Now – Prevent Tax on Real Estate

The Texas Senate is hearing important tax-relief proposals this week. Key among the provisions are SB 1 and SJR 1 (Nelson), the legislation that would greatly increase the homestead exemption, as well as constitutionally ban the establishment of a tax on real estate transactions. TAR is also proud to support SB 7 (Nelson) and SB 8 Schwertner), which will provide tax relief to small business owners. Your... 

84th Legislative Preview: What’s at stake for your business next year?

Texas is changing. From the steady increase in our population to the politicians who hold statewide offices, these changes and others will significantly impact your business. We have a new governor, a new lieutenant governor, a new comptroller, and new faces in many other statewide offices. Texas has not seen this type of turnover in more than a decade, and the new Texas Legislature will feel its... 

Are You Missing Out on Important Tax Breaks?

With tax time upon us, it is important to maximize every deduction that you could take. Sometimes an overlooked tax deduction could cost you literally thousands of dollars more than you need to pay. Read this article just to make sure you aren’t leaving money in the IRS’ pocket that should be in yours. http://www.inman.com/2014/03/10/3-valuable-tax-deductions-that-real-estate-pros-often-overlook/ Blog... 
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Houston Fly-In With Key Washington Staffer

Each spring, REALTORS® and association staff across the nation prepare for our annual congressional visits in Washington, D. C. These visits, held during the National Association of REALTORS® (NAR) Mid-Year Meeting, give us an opportunity to have face-to-face time with our U. S. Representatives and Senators and communicate with our federal lawmakers about how certain issues affect consumers back... 

Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac to Remain Unchanged in 2013

Washington, DC – The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA), and are... 

REALTOR® Call for Action: Keep the Housing Recovery on Track!

As Congress returns to Washington, there is unfinished business to complete. One of those items is a housing issue that could affect almost a quarter of all real estate transactions – the expiration of Mortgage Forgiveness Tax Relief. Without action before the end of the year, millions of families who hold distressed properties could face a hefty tax bill for trying to modify their mortgage... 

Healthcare Legislation Upheld – 3.8% Investment Income Tax Effective in 2013

Now that the U.S. Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new 3.8% tax that was designed to affect upper income taxpayers. Not long after the tax was enacted in 2010, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian... 

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 amounts... 
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