New GLVAR president ready to share views

This is not only my final column of 2014, but also my last chance to address readers of this space before I conclude my year as president of the Greater Las Vegas Association of Realtors.

Starting Jan. 1, I’ll turn over the reins to my successor, 2015 GLVAR President Keith Lynam. As part of his presidential duties, he’ll be taking over this column as well. Rest assured, you’ll be in good hands.

Knowing Lynam, I suspect he’s looking forward to this opportunity more than most. As he’ll be the first to tell you, he’s not shy about sharing his opinion on a wide range of issues related to real estate and the housing market.

Lynam may be the only Realtor since GLVAR was founded in 1947 to have worked as a lobbyist for local Realtors before becoming one. Since making a career change, earning his real estate license and joining GLVAR as a Realtor in 2004, he has been heavily involved in our industry and in our state and local associations, especially in the area of government affairs.

Lynam served as GLVAR’s president-elect in 2014. Over the past decade, he has volunteered countless hours of his time and talent to GLVAR, the statewide Nevada Association of Realtors and others. Most of all, he has worked closely for years with government and industry leaders to advocate for Nevada Realtors and homeowners, protect private property rights and help shape public policy.

Please welcome him by continuing to send your questions about housing and real estate to ask@glvar.org so he can answer them in this space.

Before I call it a year, I’d like to share some potentially good news about one of the hottest homeowner issues of the year. As of this writing, Congress was finally making progress on a package of as many as 50 tax breaks that included a proposed one-year extension of the Mortgage Forgiveness Debt Relief Act.

On Dec. 3, the U.S. House of Representatives passed this bill overwhelmingly by a vote of 378 to 46. It passed a 76-16 Senate vote Dec. 16 and is waiting for President Barack Obama’s signature.

Realtors here and nationwide have been urging them to do this all year.

As you may know, Congress allowed this 2007 tax act to expire back on Dec. 31, 2013, and has been considering whether or not to renew it ever since.

If not, thousands of distressed homeowners in Nevada and nationwide may face a big tax. That’s because any amount of money a bank writes off in agreeing to sell a home as part of a short sale starting in 2014 may become taxable when sellers file their federal income taxes in the coming months.

As I’ve said in this space several times this year, people in this situation should consult their accountant to find out what’s best for them and how a short sale and the debt that may not be forgiven on their federal income taxes may affect them.

This tax relief issue generated more questions from readers of this column than any other topic during the year. If my experience and Las Vegas Review-Journal reader response is any indication, I think it would be a popular decision for our national elected officials to extend this tax break and wish U.S. taxpayers a happier new year.

I want to thank the Review-Journal for giving me and GLVAR this opportunity, and thanks to all of you who read these columns and sent me such good questions and comments this year. It has been my pleasure serving the GLVAR and our community that I hold so dear. Thank you all for the opportunity.

Heidi Kasama is the 2014 president of the Greater Las Vegas Association of Realtors and has been a local Realtor for more than 11 years. GLVAR has more than 11,500 members. E-mail questions to ask@glvar.org. For more information, visit www.lasvegasrealtor.com.