The tax payer relief act of 2012. This puts more money in the pockets of homeowners, past and present. It extends the law, which allows you to deduct mortgage insurance(MI) premiums from your taxes. This applies to 2012. This was not the case until Washington approved the MI deduction.
We are in the process of contacting all of our real estate clients from 2012 so we can send them HUD 1's so they can turn them over to their tax professionals. It could mean more $$$ in your pocket.
Homeowners still have the property tax deduction, which may end, but for now, it's still a GREEN LIGHT GO.
We are celebrating the Fiscal Cliff aversion, so are those that bought during the past year are looking good as far as capital gains, MI deductions and the Debt Forgiveness act.
If you bought a home during 2012 - contact your Realtor, they should be contacting you, but in case they don't contact them and have them send you your HUD1, so you can prepare for tax time.
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