March 2016 - In an effort to make home-ownership more affordable, Representative Eshoo (D-CA) and Representative Thompson (D-CA) introduced The HOME Act, H. R. 4696, for the benefit of homeowners in common interest communities, by allowing for an income tax deduction for homeowners association assessments and fees.

The bi-partisan bill would provide for homeowners in community associations such as condominiums, housing cooperatives and homeowners associations who earn $115,000 or less in annual income, to deduct up to $5,000 of their association fees and assessments from their federal tax liability.

Congress needs to do all that it can to reduce barriers to home-ownership for hard-working middle class families,” said Thompson. “By helping to alleviate the cost of community association fees, this legislation is an important step.”

Community associations have grown substantially in recent decades and offer affordable housing opportunities in countless communities across the United States. Today, more than 65 million Americans reside in 26 million housing units belonging to a community association. 

Nov 12, 2015, 20:48 ET from National Association of Realtors

Realtor® Kate Farmanara had accolades for the Certified Condo Specialist® she completed in March at the Beverly Hills Greater Los Angeles Association of Realtors®.

Insurance News Net: Peak 1031 Exchange, Inc. Recommends Investor Like-Kind Exchanges to Offset Proposed Tax Hikes as Outlined in Obama’s Recent State of the Union Address 
2/10/15

"Once again, real estate investors find themselves in the cross hairs of Washingtonbudget planning," comments Kevin M. Levine, Executive Vice President of Peak 1031 Exchange Inc. In the wake of the recent proposal by President Obama to increase the top capital gains tax rate to 28% in an attempt to generate much needed revenue for the budget, the 1031 Exchange firm has increased its efforts to make investors of all classes aware of the consequences of this proposal. Levine and his team wish to ensure real estate investors are fully aware of the potential tax benefits associated with investing profits from the sale of property into other similar collateralized vehicles to defer tax liabilities down the road.

"At some point the other shoe is going to drop, much to the dismay of investors enjoying healthy returns from the sale and purchase of real estate," Levine continues. "At some critical juncture, Congressional and White House proposals tinkering with capital gains taxes will gain momentum." Levine is referring not only to the recent 28% capital gains proposal in President Obama's address on January 20th, but also to budget proposals capping investments that qualify for 1031 Exchange status to $1 million along with calls to lengthen depreciation schedules. Levine recommends that investors act now to implement tax strategies to leverage advantages of the tax code before "proposals become law" and restrictions make IRC Section 1031 exemptions less attractive.”