2014 State Budget Threatens Homeowner Tax Credits

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MAR Leadership testified at a Public Hearing in opposition of the proposed budget by Governor Patrick. The budget would eliminate integral Homeowner Tax Credits such as: the Capital Gains Exclusion on Home Sales, the Lead Paint Tax Credit, and the Title V Tax Credit.

Should an item like the Capital Gains Exclusion on Home Sales be removed, it would have significant ramifications on home sellers. Married couples could pay up to $26,250 in taxes and single tax payers could pay up to $13,125 if this tax credit is removed! For a summary of these issues, click here.

As a REALTOR®, home buyer, or seller, these issues could impact you in a negative way. What are your thoughts on the potential removal these tax credits? How would you personally be impacted if they were no longer offered? PLEASE give us your thoughts.