Found 1 blog entry tagged as taxes.

Capitol Hill

The ball at Time Square wasn't the only thing that dropped last night.  The US economy took a cliff dive thanks to our elected officials on Capital Hill.  The so-called “fiscal cliff” has been looming for months.  The Senate threw out a life line passing a Bill on New Year’s Day but the House must ratify the Bill before it is presented to The President. 

So we’re not there yet, but here’s an outline from the current Bill explaining how it affects your real estate and what it means for 2013:

1. CAPITAL GAINS

-Capital Gains and dividends rose from 15% to 20% depending on your tax bracket.  Please keep in mind, the exclusion of $250,000 for singles and $500,000 for married couples is still in place, so as long as you’ve owned your home for at least…

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