Please join us on January 8 for the first Member Luncheon of 2014. Our featured speaker will be Nebraska Secretary of State John Gale. He will be speaking about the upcoming legislative session and updating us on the latest news from the Nebraska Real Estate Commission.

 

 

On December 31, 2013 the Mortgage Cancellation Tax Relief will expire. NAR has been working with Congress since early this year to extend this important real estate tax provision. Without an extension, homeowners who have any amount of a mortgage forgiven by a lender either in a short sale or foreclosure would be subject to paying "phantom income tax" on the amount of the forgiveness. Homeowners shouldn't be forced to pay tax on money they've already lost with cash they never received - and never will receive.

 

What can REALTORS® do to help? Continue to express the importance of this issue to your Senators and Member of Congress and how it is causing uncertainty in the market.  REALTORS® with clients involved in a distressed transaction, such as short sale, should encourage clients to speak with a tax professional for advice on their particular situation.

 

The next Housing Advocacy meeting is Monday, January 13 at 1:30 p.m. If you are interested in attending and being a part of this committee, email Deanna@LincolnRealtors.com or call 402.441.3626.  For a complete list of all RAL Committees click HERE.