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Check out for our latest updates! Capital Area Realtor ® The official newsletter of the Greater Capital Area Association of REALTORS® May - June 2012 Inside This Issue Association 3 GCAAR Bowling 3 Great Seneca Corridor 3 Ask the 4 Past President’s Luncheon ���������������page 4 Fair Housing Poster Winner ��������������page 4 GCAAR in the 5 NAR Director’s 6 Board 6 Committee 6 Region 3 7 Broker/Manager 7 Spring 7 Emeritus 7 Affordable Housing Conference ���������page 8 9 MC Market 10 DC Market Report.......................... page 12 Advice at Rookie Event................... page 12 GCAAR 14 MAR Leadership 15 NVAR Housing 16 NAR’s MVP 16 Education 17 Public 18 RPAC 21 REALTOR® Rally 21 Quiz............................................... page 22 USPS: 017-467 Volume 18, Number 3 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! Follow Us on Twitter! @GCAARNow

CAR (May June 2012)

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