The Fiscal Cliff: Updates for Homeowners

If you own your home, here are important facts that may affect you:

• The mortgage insurance premium deduction now extends through 2013 and is retroactive for 2012 for people who make less than $110,000.
• Mortgage cancellation relief now extends until January 1, 2014.
• The Capital Gains Tax exclusion for the sale of a Main Home remains unchanged at $250K for an individual, and $500K for married couples, as long as you have lived in the home 2 out of 5 years prior to the sale.
• The first $5M of an individual estate ($10M of a family estate) is now exempt from estate taxes. After those amounts, the estate tax is 40%.
• The Energy Efficiency Tax Credit of 10% up to $500 was extended through 2013 for improvements to existing homes.
  (from the National Association of Realtors)

Single Family	Nov '12 - Jan '13	Nov '11 - Jan '12	% Change
Number of Sales	814	699	16.5%
Median Price	$610,000	$595,000	2.5%
Condominium	Nov '12 - Jan '13	Nov '11 - Jan '12	% Change
Number of Sales	1,045	931	12.2%
Median Price	$330,000	$290,500	13.6%

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