The Raleigh-based Luxury Home Marketing Group joined forces with the North Carolina Association of Realtors to head off legislation that could have cost the most vulnerable homeowner higher taxes at the time they could afford it least. The ‘Mortgage Cancellation Tax’ provision of the proposed legislation (SB 20/HB 40) would have forced homeowners to pay 5.75% state income tax on cancelled mortgage debt, as if it was cash, even though the homeowner would never have taken the money in cash.
“Our organization focuses on helping an elite segment of the marketplace make the most of their home buying and home selling experience,” said LHMG President Jill Rekuc. “However, this issue had the potential to cost every kind of homeowner thousands of dollars that they didn’t owe. Our members joined with the NCAR to encourage lawmakers that this was a bad move for North Carolina families.”
Lawmakers listened to industry representatives and removed the provision from the bill. However, the Luxury Home Marketing Group will continue to monitor this important issue with other North Carolina Realtors. Read more about this bill at the NCAR website.
The Luxury Home Marketing Group is always seeking strategic partners. If your business involves elite homes, and you are interested in membership, contact President Jill Rekuc at 919-389-0555. Visit the LHMG blog, http://luxuryhomemarketinggroup.wordpress.com, website, (https://www.luxuryhomemarketinggroup.com), and Pinterest board (http://pinterest.com/lhmgraleigh/) for more details. The LHMG marketing partner is Towne Mortgage of the Carolinas (NMLS #214800).
Background: The group was formed in 2004 as a coalition of luxury home real estate experts, representing luxury home buyers and sellers by applying extraordinary real estate expertise and service in Raleigh, Cary, Wake Forest, Durham, Chapel Hill, Research Triangle Park and surrounding counties. Executive Board members are: President Jill Rekuc of Olde Raleigh Real Estate, LLC , Vice-President Linda Bird Kolarov, Secretary Deborah Nance Treasurer, Lindsay Taylor and Past-President Linda Craft, Linda Craft & Team, REALTORS®. Members include Kathy Beacham, Shawn Britt, Kimberly Conroy, Steina DeAndrade, Ida Terbet, Mary Edna Williams, Mollie Owen, Leslie Young and Gail Perry