NORTH Idaho Real Estate Pro

head_left_image

Summary of "Fiscal Cliff" H.R. 8 Real Estate Legislation Passed

Uncle SamOn Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.  

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders:

  • Mortgage Cancellation Relief is extended for one year to Jan.1, 2014.
  • Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.
  • 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
  • 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012 Permanent Repeal of Pease Limitations for 99% of Taxpayers Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers.  These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000.  These thresholds have been increased and are indexed for inflation and will rise over time.  Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3 percent. That amount is then used to reduce the total value of the filer’s itemized deductions.  The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions. These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years.  They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.  Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.

 Capital Gains:

  • Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return.  After that, any gains above those amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for sale of principal residence remains in place.

Estate Tax:

  • The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent.  The exemption amounts are indexed for inflation.

If you want to do some late night reading, here is the complete Bill:

http://www.scribd.com/doc/118551686/Fiscal-Cliff-Bill 

Fiscal Cliff Bill


CONTACT INFO:

Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)
Your North Idaho Real Estate Pro
www.SellingNorthIdaho.com - Your Free Local MLS Property Search Link
208-661-2282 or Toll Free 800-829-2555 ext. 1275
Coldwell Banker Schneidmiller Realty
1924 Northwest Blvd, Coeur d'Alene ID 83814
 

 

property.contact_company
Equal Opportunity HousingEqual Opportunity Housing

 Lake Coeur d'Alene

Comment balloon 0 commentsPam Jank • January 08 2013 08:27PM
Summary of "Fiscal Cliff" H. R. 8 Real Estate Legislation…
share
On Jan. 1 both the Senate and House passed H. R. 8 legislation to avert the “fiscal cliff. ” The bill was signed into law by President Barack Obama on Jan. 2. Below is a summary of real estate related provisions in the bill: Real Estate… more
Get your tickets! 2013 Aw$um Auction -How the West was FUN! Feb 9, 2013
share
Aw$um Auction: one month away, REALLY!! Saturday, February 9 DONATE AND GET YOUR NAME OUT! It's hard to believe that the Aw$um Auction is only one month away! Chris Copstead will be this year's guest emcee. He will let us all… more
The Music Walk Starts in Downtown Coeur d'Alene - Jan 25, 2013 - 5-8PM
share
Music Walk Starts this Month Date: January 25, 2013 (and every 4th friday of each month through April, 2013) Time: 5:00 to 8:00 PM The Coeur d'Alene Arts and Culture Alliance presents Music Walk Every fourth Friday of each month from… more
Annual Bald Eagle Watch -Lake Coeur d'Alene- this week through Sunday
share
The annual Bald Eagle Watch is this week. Starting Dec 26th and ending on Dec 30th, 2012. Last week there was a count of at least 260 Bald Eagles. So you should be able to spot plenty of them congregating for their annual winter… more
Join the Polar Bear Plunge -Lake Coeur d'Alene- Jan 1st, 2012 12:00PM
share
It's the Polar Bear Plunge time again! Grab your bathing suit & towel and join in on the fun. Every January 1st, hundreds of people gather at Sanders Beach on the shores of Lake Coeur d'Alene to take part in the Polar Bear Plunge. &… more
FREE Horse-Drawn Carriage Rides are Back! Downtown Coeur d'Alene, ID
share
Don't miss this opportunity to take a FREE horse-drawn carriage ride through Downtown Coeur d'Alene. Rides are on Saturdays only. They begin the first Saturday of December and end the last Saturday of December, 2012. You can catch your… more
Annual Winter Wine Rodeo - Saturday December 1st, 2012 3:00-7:00PM
share
The 3rd Annual Winter Wine Rodeo DATE: December 1, 2012 TIME: 3:00 to 7:00 LOCATION: Kootenai County Fair Grounds COST: $25 in advance, $30 at the door - admission includes 5… more
Bald Eagle Boat Tours on Lake Coeur d'Alene Start Nov 1, 2012
share
Bald Eagle Boat tours start Thursday, Nov 1, 2012 Date: November 1, 2012 - February 25, 2013 Time: 9 AM and 1 PM Saturday and Sunday Private tours available throughout the week. Stay toasty warm in your PRIVATELY… more
Kid's "Lake Cruise" Costume Party is Saturday & Sunday…
share
Kid's "Lake Cruise" Costume Party is Saturday & Sunday. Get on Board at the Boardwalk Marina on Lake Coeur d'Alene. This is a lake cruise party for the entire family. There will be with fun and games for everyone. Make sure to… more
It's Apple Palooza time in Downtown Coeur d'Alene! Saturday, 10AM-3PM
share
It's Apple Palooza time in Downtown Coeur d'Alene! Join the Fall Fest and Shop the Best of the Fall Harvest. Date: Saturday October 27, 2012 Time: 10:00 AM - 3:00 PM It is the Last Farmer's Market of the Year. Start… more
Free Movie at the Krock Center Today! Oct 5th at 6PM - Coeur d'Alene
share
Free Movie at the Krock Center in Coeur d'Alene Today! Oct 5th, 2012 at 6PM Tonights movie is: The Avengers Time: 6:00 PM Address: Krock Center, 1765 W. Golf Course Road, Coeur d'Alene, ID The movie is FREE however a… more
Antiques & Collectibles FREE Valuations -Oct 6, 2012, Coeur d…
share
Calling all Collectors! Now is the time to get your FREE Valuations on all those treasured collectibles. This is a one day only event. Free Valuations are available at Wiggett's Antique Marketplace in Downtown Coeur d'Alene (donations are… more
5th Annual Oktoberfest, Harrison, ID- Sat, Oct 6th, 2012, 1 - 7PM
share
It here again! Harrison's 5th Annual Oktoberfest Don't miss this year's Festivities. There is fun for all ages and it all happens… Date: October 6th, 2012 Where: Harrison City Park Time: 1:00 PM to 7:00 PM Micro… more
October is Fire Prevention Month - Be Prepared - Safety Tips…
share
OCTOBER IS FIRE PREVENTION MONTH - Be Prepared! Preventing a fire can mean the difference between life & death or safety & devestation. Cooking is the most common causes of house fires. Never leave cookware on the stove… more
USDA update!!!… big news!
share
USDA update!!!… big news! The implementation of the new proposed ineligible area maps are on hold until after Congress completes its work on the legislation. USDA will continue to process loans in Post Falls until further notice and action… more
Freeze Warnings in Effect on Sept 10th! Where did summer go?
share
Where in the world did summer go! It is only September 10th and our Coeur d'Alene, Hayden Lake & Post Falls, Idaho area just received a "Freeze Warning" from our Local Weather Warning System. What a bazaar year this has been… more
The MONSTER SPUD invades Post Falls Today - Sept 7th, 4:30-6:00
share
The Great Big Idaho Potato Truck will visit Post Falls on its way to Silverwood Theme Park and then across the country. This super-sized "Idaho Spud” is 28-foot long, 12-foot wide and 11-and-a-half foot tall. It was built in honor of… more
September Home Tasks
share
September Home Tasks Clean and vacuum dust from vents, baseboard heaters and cold-air returns. Check the heating system (include filters, pilot lights and burners) and have it serviced by a qualified professional.. more
Coeur d'Alene Ice Arena GRAND OPENING -FREE Skate & BBQ this…
share
It has been a long wait but it is finanlly here!!! Our local Coeur d'Alene Association of Realtors are proud sponsers! - Don't miss out on the GRAND OPENING of the Frontier Ice Arena on September 8th from 9AM-9PM Don't miss the FREE Skate… more
9th Annual Labor Day Weekend Classic Car Show - Coeur d'Alene, ID
share
Don't miss this year's Coaster Classic - The 9th Annual Labor Day Weekend Classic Car Show. Nostalgic cars line up at Silverwood for one of the largest car shows in the region. Hosted by the Inland Empire Late Great Chevy Club ’55-… more