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Real Estate Provisions Safe for Now in Budget Compromise

Last week, U.S. congressional negotiators reached a budget compromise that leaves real estate provisions, including the mortgage interest and property tax deductions, capital gains tax exclusion on proceeds from the sale of a principal residence, and extension of mortgage cancellation relief, intact.  Following passage of the measure by the U.S. Senate on December 18, the new budget bill is headed to President Obama, who is expected to sign it.  The deal reached by federal lawmakers is intended to prevent another government shutdown for nearly two more years and eases the harshest effects of automatic budget cuts — known as the sequester — on the Pentagon and other domestic government agencies.   More substantial tax reform negotiations could resume next year.   We want to acknowledge and offer special thanks to all REALTORS® who traveled to Washington in May to participate in Capitol Hill visits or who responded to the NAR Legislative Call-for-Action by contacting their members of Congress during the year to ask them to “do no harm” to housing.