NAR Update: Mortgage Debt Relief Act Extended For ONE Year.


Thank-You NAR President Elect Steve Brown for sending this to me…

The Senate approved a fiscal cliff bill 89-8 early this morning.

The $ 450K threshold would kick in higher tax rates [from 35 to 39.6%] for married households [ $400K for single].

Mortgage debt forgiveness is extended for two years.

(Update: Extended for ONE YEAR…through the end of 2013.)

[VIDEO] New Mega-Agent Secret System Revealed! Make Positive & Immediate Changes. No Illegal Cold Calling. No Begging for Referrals. No Gimmicks. Proven System Used By 1000’s of Agents Nationwide. FREE Step-by-Step Guide and Training Video. Notice: First 277 agents only, so hurry!. Watch Video and Download Free Books Now.

A Clinton Administration  limitation on itemized deductions returns. Called the Pease limitations, it is a very complicated phasing out of all itemized deducts for those whose incomes are above $250K for married households and singles earning more that $200K. This provision is indexed for inflation. While it affects personal exemptions and all itemized deductions it is less onerous than a cap on deductions.

WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2013 Agent Short Sale Secrets video and download the FREE Short Sale training guide. NOTICE: Free book guaranteed  for the first 100 agents only.

The Bush tax rates for those earning less than $250K are permanent. An ATM fix is also permanent. Estate taxes are liberalized.

The House is in session today, but it is uncertain if it will vote on the Senate bill.

Comments Closed

to “NAR Update: Mortgage Debt Relief Act Extended For ONE Year.”

Read below or add a comment...

  1. Steve Glo says:

    The Mortgage Debt Forgiveness Act has not been extended according to everything coming out of Washington DC!!!

  2. This is great news for the Morgage Debt Relief Act. Thank you!