If you own Destin, FL real estate, then you’ve probably been following this whole fiscal cliff debacle quite closely. It was beginning to look like Congress would never to come an agreement, but earlier this week they finally did. For the most part, it means good news for homeowners in the Destin, FL area.
For starters, several mortgage related tax deductions were extended. This means you can continue to deduct your mortgage insurance premiums – whether for private mortgage insurance or a government program like FHA – through 2013.
Distressed homeowners who may have to sell their home via a short sale can breathe a huge sigh of relief as well. The Mortgage Debt Forgiveness Act was extended through 2013, so forgiven mortgage debt will be nontaxable. Long-term unemployment benefits were also extended throughout the year.
And last, but certainly not least, the capital gains tax for middle class earners was left alone and extended. However, taxpayers with a taxable income over $450,000/$400,000 will have to pay 20 percent on capital gains in excess of $500,000.
If you would like to take advantage of great home values and low interest rates while they last, search Destin, FL real estate now.
Kerry Veach is a Destin, FL Realtor and Real Estate Broker with 22 years of experience assisting thousands in the exciting process of buying and/or selling a home. He is a member of the RE/MAX Hall of Fame, the RE/MAX Platinum Club, and the RE/MAX® 100% CLUB. In 2011, he earned the RE/Max Lifetime Achievement Award.
If you would like to buy a home in Destin, FL or sell a home in Destin, FL, contact Kerry Veach. With over 1,000 closings and thousands of satisfied clients, it’s no wonder that 95% of Kerry’s business comes from referrals.