Today the National Association of Realtors will be in Washington DC to address several real estate issues that Congress is contemplating to address the federal deficit. Some of the issues being addressed include:
- Mortgage Interest Deduction: long enjoyed by homeowners, this deduction has been recommeded to be eliminated as part of large tax reform proposal
- Capital Gains – Exclusion on Sale of Residence: reducing or limiting the capital gains exemption ($250,000/$500,000) on the sale of a home is also being discussed.
- Property Tax Deduction: possibilty that current deduction would be reduced or eliminated.
NAR is tackling other issues as well via their 2012 Federal Public Policy Priorities.