The 15th Edition of Modern Real Estate Practice in Texas was published in November 2011. Updates to the content of Chapter 4 include:
Homeownership Rate: According to the Census Bureau, the U.S. homeownership rate fell to 65.3% in third quarter 2012.
The U.S. homeownership rate is about the same as Canada’s and is lower than Australia, Ireland, Spain, and Britain. [Paul Wiseman, USA Today, August 18, 2010.]
Deductibility of Mortgage Insurance Premiums: Through the American Taxpayer Relief Act of 2012, Congress extended the deductibility of mortgage insurance premiums for the 2012 and 2013 tax years, subject to limitation.
Capital Gains Tax Rates: Capital gains tax rates were modified by the American Taxpayer Relief Act of 2012. The new capital gains tax rates for 2013 and future years are as follows:
0% applies to capital gains income if a taxpayer is in the 10% and 15% tax brackets;
15% applies to capital gains income if a taxpayer is in the 25%, 28%, 33%, or 35% tax brackets; and
20% applies to capital gains income if a taxpayer is in the new 39.6% tax bracket.
Estate Tax Rates: The American Taxpayer Relief Act of 2012 permanently extended the $5 million estate tax exemption and indexed it to inflation. The new top tax rate for estates is 40%.
Updated: April 15, 2013
© 2009 Cheryl Nance. All Rights Reserved.