Fiscal Cliff

Well with a stroke of a pen some important things in the mortgage industry will stay the same for 2013–

Mortgage forgiveness debt relief extended thru 2013. For example, if your lender wrote off $50k in debt thru a short sale, you would’ve been taxed on the $50k just like it was income. Congress extended the code where as this is not treated as income.

Mortgage insurance deduction- retroactive for 2012 and extended thru 2013 for households with incomes up to $110,000.

Tax credits for energy efficiency home improvements

Tax credits for energy efficient new homes

 

 

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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