Many of us dream to live in our own home, and it is not a cheap endeavor as long-term loans are needed to pay for a house. Many different opportunities are given by the government to help relieve this burden. They provide this tax credit as well as grants to ease the amount of the loan taken.
tax refund can help you get ahead with your personal finances.
CTEC approved provider Capital gains tax is the tax that you pay on an investment such as stocks, real estate, etc. There are two types of capital gains tax: short term and long term. Short term refers to holding onto an investment for less than one year. Long term refers to holding onto an investment for at least 1 year long. Short term capitals gains are taxed at the ordinary income tax level whereas long term capital gains are currently capped at 15%. The cap for long term capital gains tax is up to 15% till the end of 2012 where it will then be raised in 2013. The long term capital gains tax could possibly be raised to 20% or even 25% depending on the congressional actions.
The main purpose of the bill is to encourage lenders and borrowers to work together. It is intended to make refinancing home loans easier. This can mean lower house payments for consumers. Lenders will also benefit as they will not have to deal with foreclosures. No one wants foreclosures. They place a burden on the lender and the borrower.