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MID Under Attack Again in Budget Proposal |
President Obama is targeting the tax deduction for mortgage interest payments and charitable contributions made among high-income earners.
The proposed budget cuts call for taxpayers in the 33 percent and 35 percent tax brackets to be limited in deducting charitable contributions and mortgage interest payments at the 28 percent rate. The deduction would affect households with taxable income of $250,000 or more. The White House says the move would bring in $321 billion within 10 years.
"NAR will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest," National Association of REALTORS® President Ron Phipps has said in opposing any MID cuts. (Get the latest news on MID and NAR's stance at www.realtor.org.) |
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Bye-Bye Fannie, Freddie? What It Could Mean |
The Obama administration recently announced plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House proposed three approaches to replacing Fannie Mae and Freddie Mac rather than offering up one final plan.
The administration's proposal is expected to reshape the way Americans buy and own homes.
Read more from REALTOR® Magazine Online >> |
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Banks Want Higher Down Payments from Borrowers |
Banks are increasingly telling borrowers that if they want to buy a home, they need to come with a higher down payment in order to help mitigate the bank's risk as home prices continue to fall. Plus, banks say larger down payments discourage delinquencies.
The Obama administration two weeks ago called for gradually increasing down payments to a minimum of 10 percent on conventional loans that can be bought or guaranteed by Fannie Mae and Freddie Mac.
Read more here. |
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Register Today for "Just Spare Me"
Bowling Tournament co-hosted by the Sunflower & Northland Regions |
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 You can't miss our biggest and best bowling tournament in 2011! "Just Spare Me," hosted by the Northland Region and the Sunflower Region, promises to pack the house!
Join us Thursday, March 3 for prizes, a pizza buffet and more! Unlimited bowling goes from 2 to 5 p.m. at AMF Pro Bowl Lanes (505 E. 18th Ave., North Kansas City, MO 64116). Registration deadline is February 24 - get more info here or register online here. We'll see you there! |
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Employer Assisted Housing (EAH) Certification |
It's back by popular demand!
Wednesday, April 13 - 9 a.m. to 1 p.m.
We might be light on CE during the month of March due to construction at the KCRAR & HMLS offices, but look ahead to April 13 for Employer Assisted Housing! Formerly known as Home From Work, EAH is from the National Association of REALTORS® and is taught by a NAR certified local broker. It was a sell-out crowd last year, so don't miss it this time!
Find out more here or go here if you're ready to register. Cost is $20 and you'll earn three hours elective CE credit for KS and MO.
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New Money-Saving Affinity Service
Sears Purchase Program |
 As a KCRAR member, take advantage of our new affinity service from Sears Commercial Sales to receive special pricing on the everyday products that make your house your home. Want that new 50-inch LCD TV? Or thinking of going green with a new Energy Star laundry pair? Receive Preferred Affiliate Program Pricing, backed by Sears' Price Matching Plus policy, to get discounts ranging from 2% to 30% depending on the item!
Go here to learn more and take advantage of this new affinity service! |
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Homebuyer Tax Credit |
With April 18 approaching, clients who have taken advantage of the homebuyer tax credit may be calling with questions about how to claim the credit on their 2010 taxes. The IRS last year released IR-2010-006, providing a revised Form 5405 to reflect the changes to the tax credit made in the extension and expansion legislation enacted in November 2009.
For more information about eligibility and requirements for the credit, visit www.kcrar.com/homebuyer-tax-credit-update.
NOTE: Real estate professionals need to be careful in providing tax information to clients to avoid lawsuits. For detailed tax advice, recommend to clients that they consult with a tax professional. |
