14 Feb 4 Key Reliefs for 2013
Mortgage cancellation relief has been extended for an additional full year.
Households that have mortgage debt forgiven by a lender in 2013 as a result of a modification (good luck getting one) short sale, or a foreclosure will not have to pay tax on the amount forgiven.
Mortgage Insurance Premiums remain deductible.
Tax filers making less than $110,000.00 who pay for mortgage insurance can deduct the cost of their premiums on their 2012 $ 2013 tax returns.
15-year straight-line cost recovery on leasehold improvements is extended.
For qualified leasehold improvements on commercial properites, 15-year depcreciation is extended through through 2013 and madke retrocactive to cover 2012.
Energy Efficiency tax credit remains in force.
Thanks to REALTOR® dot come for the content of this blog post. Special thanks to the National Association of Realtors for “Watching Our Backs” and fighting for key components like Mortgage Insurance Deduction. Lawmakers were pressed and made aware that protecting what’s best for home owners is the number one priority for NAR and it’s valuable members!