Wednesday, December 29, 2010

Real Estate Provisions in the 2010 U.S. Tax Relief Bill

2010 U.S. tax relief law 

Real Estate Aspects of the 2010 U.S. Tax Relief Law (H.R. 4853) - On December 17, 2010, the President signed this law - the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extends current tax rates and credits and other expired and expiring provisions.

This legislation is not "paid for" and has no revenue raisers taken from real estate or other industry groups.

This law package provides temporary extensions of its numerous provisions, and some are retroactive, and rules that had been in place previously will operate as if they had never expired. extending current tax rates

Included in this bill are provisions that affect real estate investment and operations, such as energy-efficiency tax credits, capital gains, and some provisions of interest to REALTORs® and owners and buyers of real estate:

  • Retention of prior income tax brackets through the 2011 and 2012 tax years
  • Retention of capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012
  • Reduction of payroll taxes for employees and self-employed individuals during 2011
  • Extension of numerous energy efficiency credits through December 31, 2011, including, the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.

real estate provisionsFor more detailed information on provisions of this bill affecting real estate, home owners, and REALTORS® as small business owners, see full summary.  Read a summary of the real-estate provisions in the tax bill - click here

For More information see Tax Extension Keeps Real Estate Status Quo (Speaking of Real Estate Blog).

See Real Estate Provisions on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 - click here.


Source: National Association of REALTORS®. This is not the providing of tax or legal services. For information about your own tax situation, you should contact a certified public accountant or income tax professional.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - (email) - CA DRE 01410855 -

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