Real Estate News from the Beltway!

One great thing about a member of the Realtors Land Institute, I get lots of information including emails and trade magazines about the latest developments and regulations related to real estate, regulation, tax law and more.

Here are some of the latest news that may affect you and your real estate:

Mortgage Cancellation Relief - is extended for one year to January 1, 2014

Deduction for Mortgage Insurance Premiums - for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012

Energy Efficiency Tax Credit - The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012

Capital Gains Tax -  Capital Gains rate stays at 15% for those up to the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The $250/$500K exclusion for the sale of a principal residence  remains in effect.

Estate Tax - The first $5 million in the individual estate and $10 million for family estates are now exempt from estate taxes. After that, the rate will be 40%, up from 35%. The exemption will be indexed for inflation.

Waters of the U.S. -  The Environmental Protection Agency (EPA) and the Army Corps of Engineers (ACE) have sought for years to expand their jurisdiction of the Clean Water Act beyond what is defined as 'navigable' and waters 'adjacent' to navigable waters. If the CWA jurisdiction is expanded, it would result in more regulation, permits and onerous requirements on developments. These efforts remain bottled up at the Office of Management and Budget. The EPA recently submitted a 'guidance' document that increases federal authority over more kinds of water. Officials acknowledge that the document was still under review between the EPA and ACE. Let's hope this goes no where!

For Information on Buying or Selling Land.... Contact G. Kent Morris, RF, ALC
at  (706) 457.0090