Real estate tax extension raises hope for housing market - WALB.com, South Georgia News, Weather, Sports

Real estate tax extension raises hope for housing market

ALBANY, GA (WALB) -

Good news for folks in the market for a new home. Important tax breaks were extended that will continue to help save a lot of money.

The mortgage interest deduction and the one year tax break on mortgage debt forgiveness were protected in the fiscal cliff deal, which means homeowners who are refinancing or trying to shake off mortgages will continue to gain tax relief.

The 500 dollar deduction on energy saving items will also continue a break that will give businesses some leeway.

"The realtor organization worked really hard and we all talked with our legislators to try and keep these items because it helps people and we are all about helping people and providing services anyway," Said Marlene Kimball, Associate Broker at Century 21.

According to Realtors it is a great time to buy and they hope the extension will help get the market moving.

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