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Capital Area Realtor
®
The official newsletter of the Greater Capital Area Association of REALTORS®
May - June 2012
Inside This Issue
Association News..............................page 3 GCAAR Bowling Event.......................page 3 Great Seneca Corridor ......................page 3 Ask the President..............................page 4 Past President’s Luncheon ���������������page 4 Fair Housing Poster Winner ��������������page 4 GCAAR in the News...........................page 5 NAR Director’s Report.......................page 6 Board Briefing..................................page 6 Committee Luncheon........................page 6 Region 3 Meeting..............................page 7 Broker/Manager Forum....................page 7 Spring Gala.......................................page 7 Emeritus Members............................page 7 Affordable Housing Conference ���������page 8 Technology.......................................page 9 MC Market Report..........................page 10 DC Market Report.......................... page 12 Advice at Rookie Event................... page 12 GCAAR Cares..................................page 14 MAR Leadership Academy...............page 15 NVAR Housing Summit....................page 16 NAR’s MVP Program........................page 16 Education Schedule........................page 17 Public Policy...................................page 18 RPAC Investors...............................page 21 REALTOR® Rally Pics......................page 21 Quiz............................................... page 22
USPS: 017-467
Volume 18, Number 3
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GCAAR Members “Rally” for Homeownership A contingent of blue t-shirts converged on the Washington Monument as GCAAR and DCAR members joined their fellow REALTORS® from across the country at the Rally to Protect the American Dream on May 17. The National Park Service reported that over 13,800 gathered at the Monument to hear NAR President Moe Veissi and others emphasize the importance of homeownership with another 14,000 participating in the Virtual Rally. GCAAR President Bonnie Casper and
to the Monument. GCAAR President Bonnie Casper and DCAR President Ed Downs were interviewed by NAR on the question, “What are the issues facing homeowners today” for a video package that was sent to news outlets across the country. Bonnie and Ed stressed the importance of homeownership, emphasizing Congress’ need to focus on reasonable lending practices, fair and accurate appraisals, and the extension of the mortgage interest deduction. Additional pics of the event are on page 21.
DCAR President Ed Downs prepare for interviews
GCAAR’s Maryland contingent traveled by bus from the Rockville office to The Hamilton Live where they joined fellow members for a buffet breakfast before walking down
Bonnie with MAR CEO Mary Antoun and MAR Treasurer Carole Maclure
The 3.8% Tax Is Not a Real Estate Transfer Tax By Robert Freedman, Senior Editor, REALTOR® Magazine Shortly after the federal government enacted sweeping healthcare reform in 2010, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upperincome households to help shore up Medicare. The tax takes effect in 2013.
Greater Capital Area Association of REALTORS® 8757 Georgia Avenue, Suite 600 Silver Spring, MD 20910
Among the concerns expressed by consumers and business people, including real estate professionals, both then and today, is that the tax amounts to a transfer tax on real estate. Not true, NAR Director of Tax Policy Linda Goold says. Here’s how the tax works. For individuals earning $200,000 a year or more and married couples earning $250,000 a year or more, certain investment income above these income levels might be subject to the 3.8 percent tax on a portion of that income. I say “might” because whether the tax applies or not depends on many factors having to do with the kind and amount of the investment income the household receives. Investment income includes capital gains, dividends, interest payments, and, for those who own rental property, net rental income. continued on page 15 Like Us on Facebook! www.facebook.com/GCAAR2
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