Fiscal Cliff Information For Real Estate

The Fiscal Cliff was averted this time.  Here is a summary of the provisions as they relate to Real Estate.

Real Estate Provisions in "Fiscal Cliff" Legislation
Real Estate Tax Extenders

• Mortgage Cancellation Relief end date has been extended to January 1, 2014
• Deductions for Mortgage Insurance Premiums (MIP) MIP is now a deduction for filers making below $110,000 for 2012 and 2013.
• Energy Efficiency Tax Credit is a 10% tax credit up to $500 for energy improvements to existing homes for 2012 and 2013.

There have also been changes to Capital Gains tax as well as Estate Tax.