It was a news-charged weekend as Greece announced further measures to calm markets including its intention to reach a primary surplus of more than 1% of GDP in the coming year and a new real-estate tax.

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One wrinkle: A 1997 federal tax law that went into effect last year significantly altered real estate taxes, and most people haven't grasped how the new tax law impacts their real estate holdings.

FORBES: Homing In On Taxes

While Congress took away tax breaks from private syndicates, it turned over real estate pool tax breaks to bigger players and campaign contributors on Wall Street with new tax-advantaged REITs (real estate investment trusts).

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New tax measures to curb real estate spending have caused slowdowns in markets from Asia to Europe.

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The introduction of the new luxury tax would most likely reduce the attractiveness of real estate as an investment for rich Russians.

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Many real estate industry players took note of the new customers the government's homebuyer tax credit brought to the table.

FORBES: Magazine Article

As state senator, he acted upon a strong real estate interest, co-authoring an Illinois law creating a new pool of tax credits for low-cost housing developers.

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