The House passed a billed to avert the "Fiscal Cliff" that was threatening the entire country. As you may have heard, this Fiscal Cliff was averted which will help the real estate market in Windermere Fl. Here are some key items that will help spur the real estate market in this area.
-The Mortgage Forgiveness Debt Relief Act has been extended to January 01, 2014. The act has been in place since 2007 and has given home owners that have lost their home in a foreclosure a large tax break. The tax break comes in a tax relief for the amount of the mortgage that the homeowner was forgiven when the bank foreclosed on their home. Without this tax forgiveness, the homeowner could potentially face a large tax bill that would be due to the IRS.
-Ten Percent Tax credit for energy efficient| A tax credit up to $500 can be taken on energy efficient improvements done in the home for 2012 and 2013.
-Deduction for Mortgage Insurance Premiums | People making below $110,000 a year would be allowed to deduct for the mortgage insurance premiums and this deductions was put in place for 2012 and 2013.
These tax measures that were part of the Fiscal Cliff bill will help spur on the real estate market here in Windermere and the surrounding Orlando Fl real estate markets.
Please call Damon Duvall at 407-864-4626 if you are looking to purchase or sell your next home in the area. `