Capital Gains Rates to Remain the Same

There has been some misconceptions as to whether the capital gains tax rates will change under the “Fiscal Cliff”
negotiations. As of now, they have remained the same. In other words, capital gains rates of up to $250,000 for single persons, and $500,000 for married persons are exempt from taxation under the current law that was enacted during the Clinton Administration. This means that if a married couple sells a property, up to $500,000 of the profits from the sale of that home are tax exempt*.

*It is always best to consult your tax professional with regard to any questions regarding how taxes are applied to your finances.

Questions about capital gains or the real estate market? Contact us now!

2013 Mortgage Debt Relief Act Extended!!! Great news!!!

There was a lot of speculation as to whether or not the mortgage debt relief act would be extended in 2013. We were extremely excited when we found out that it was extended because of the great benefits this exemption provides to those considering short sale.