The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe that Charleston SC Homes are truly unique. I look forward to helping you with any of your here at Charleston SC Homes For Sale we look forward to meeting all your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:
Charleston SC Real Estate Blog : How the 2013 Fiscal Cliff Deal Affects Real Estate
Most everyone in the United States is aware that the US congress passed a bill to avoid the so called Fiscal Cliff. Below are the highlights of the bill’s impact on Real Estate:
1. Mortgage Cancellation Relief is extended for one year to January, 2014
2. Mortgage Interest Deduction remains unchanged
3. Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
4. Leasehold Improvements: The 15 year straight-line cost recovery for qualified leasehold on commercial properties extended through 2013 and made retroactive to cover 2012
4. Energy Efficiency Tax Credit: The 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012
5. Return of the Pease Limitations
The Pease Limitations are permanently repealed for most tax payers. The limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation and will rise over time.
6. Capital Gains rate stays at 15% for those individual filers earning $400,000 or joint filers earning $450,000. After that any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principle residence remains in place.
7. Estate Tax: The first $5 million in individual estates and $10 million for family estates are now exempted from the estate tax. After that, the rate will be 40%, up from 35%. The exemption amounts are indexed for inflation.
As always, your thoughts, questions, or comments are greatly appreciated.
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Sincerely,
"Carolina Joe" Idleman
http://www.charlestonscrealestateforsale.com
