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Mortgage Interest Deduction: Why It Matters |
The debt ceiling agreement signed into law on August 2nd has no direct impact on real estate tax rules or spending provisions, according to the National Association of REALTORS®. However, new authority has been created that could make it easier for Congress to make tax law changes in the future.
“Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth,” said NAR Chief Economist Lawrence Yun.
“While we must ensure that the conditions that led to the artificially inflated homeownership rate of the bubble years do not resurface, we also need to create the conditions for sustainable homeownership, which has been shown to provide myriad social benefits for families and communities.”
Here are the facts on the mortgage interest deduction (MID), according to NAR:
- MID has been part of the federal tax code for more than 100 years
- About a third of all Americans itemize their tax deductions instead of claiming the lump-sum standard deductions.
- More than half of homeowners claim the MID. Two-thirds of this group earn less than $100,000; 91% of those who claim the MID earn less than $200,000.
- Of those homeowners who do NOT claim the MID, they either own their homes outright or receive a larger tax deduction by claiming the standard deduction than by claiming a deduction for the little mortgage interest that they pay.
- Homeowners pay 80-90% of all federal income tax.
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Nominees Announced for 2012 Board of Directors |
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The Nominating Committee and Board of Directors have proposed the following slate of new Officers and Directors for 2012:  | | President-elect
Betty Kingery
| Vice President
Donna Greer
| | |  | | Director
Jeff Snyder | Director
Richard Wimberley | | Click here for a one-page flyer with more information on these nominees. | | Any REALTOR® wishing to file as a petition candidate for any of the positions noted above must file a petition with the RVAR office during the month of September. The petition must be received in the RVAR office by September 30th and be signed by 20 RVAR members in good standing. If any petitions are filed, an election by ballot for any contested seats will be held by mid-November. | |
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Residential Property Disclosure Form to Change July 1st |
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A new, shortened version of the Residential Property Disclosure Form becomes effective July 1st. On this new form, the Seller, will make only one representation - that there are no pending enforcement or zoning violations related to the property. Otherwise, the form directs the Purchaser to DPOR's website for the list of residential property disclosures. In the future, when the General Assembly adds to the list of required disclosures (which they tend to do every year), DPOR will update its website - with no change required to the form.
Note from VAR's Legal Team: The new form must be given to all prospective buyers as of July 1st unless the seller is exempt from the statute requirements (the exemptions did not change). This means that listing agents will have to get their sellers to sign new Disclosure forms in order to give the new form to prospective buyers beginning July 1st. However, you do not have to give the new form to buyers who received the 'old' form before July 1st. |
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