While we heard plenty about the negotiation battles leading up to the New Year’s looming fiscal cliff, after the fact, many people might not consider how passed legislation personally affects them — especially when it comes to Santa Cruz real estate.
If you haven’t filed your 2012 taxes yet, you might want to take a minute to review the tax limitations and credit extensions, which Congress passed through the HR 8 legislation. You’ll want to ensure you’re paying the right amount when it comes to coughing up your money to Uncle Sam.
The tax credit for homeowners to receive a ten percent deduction, up to $500, for energy efficient improvements to homes is extended for 2013.
Individual estates valued at up to five million